COVER PAGE
COVER PAGE - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 18, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Annual Report | true | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-10587 | ||
Entity Registrant Name | FULTON FINANCIAL CORP | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2195389 | ||
Entity Address, Address Line One | One Penn Square | ||
Entity Address, Address Line Two | P. O. Box 4887 | ||
Entity Address, City or Town | Lancaster, | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17602 | ||
City Area Code | 717 | ||
Local Phone Number | 291-2411 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.6 | ||
Entity Common Stock, Shares Outstanding | 162,460,000 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement of the Registrant for the Annual Meeting of Shareholders to be held on May 25, 2021 are incorporated by reference in Part III. | ||
Entity Central Index Key | 0000700564 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $2.50 par value | ||
Trading Symbol | FULT | ||
Security Exchange Name | NASDAQ | ||
Series A Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | FULTP | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 120,462 | $ 132,283 |
Interest-bearing deposits with other banks | 1,727,370 | 385,508 |
Cash and cash equivalents | 1,847,832 | 517,791 |
FRB and FHLB stock | 92,129 | 97,422 |
Loans held for sale | 83,886 | 37,828 |
AFS, at estimated fair value | 3,062,143 | 2,497,537 |
HTM, at amortized cost | 278,281 | 369,841 |
Net Loans | 18,900,820 | 16,837,526 |
Less: ACL - loans | (277,567) | (163,622) |
Loans, net | 18,623,253 | 16,673,904 |
Net premises and equipment | 231,480 | 240,046 |
Accrued interest receivable | 72,942 | 60,898 |
Goodwill and intangible assets | 536,659 | 535,303 |
Other assets | 1,078,128 | 855,470 |
Total Assets | 25,906,733 | 21,886,040 |
LIABILITIES | ||
Noninterest-bearing | 6,531,002 | 4,453,324 |
Interest-bearing | 14,308,205 | 12,940,589 |
Total Deposits | 20,839,207 | 17,393,913 |
Short-term borrowings | 630,066 | 883,241 |
Accrued interest payable | 10,365 | 8,834 |
Long-term borrowings | 1,296,263 | 881,769 |
Other liabilities | 514,004 | 376,107 |
Total Liabilities | 23,289,905 | 19,543,864 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value; 10,000,000 shares authorized Series A, 200,000 shares authorized and issued in 2020; liquidation preference of $1,000 per share | 192,878 | 0 |
Common stock, $2.50 par value, 600.0 million shares authorized, 223.2 million shares issued in 2020 and 222.4 million issued in 2019 | 557,917 | 556,110 |
Additional paid-in capital | 1,508,117 | 1,499,681 |
Retained earnings | 1,120,781 | 1,079,391 |
Accumulated other comprehensive gain (loss) | 65,091 | (137) |
Treasury stock, at cost, 60.8 million shares in 2020 and 58.2 million shares in 2019 | (827,956) | (792,869) |
Total Shareholders’ Equity | 2,616,828 | 2,342,176 |
Total Liabilities and Shareholders’ Equity | $ 25,906,733 | $ 21,886,040 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 0 |
Preferred stock, shares issued (in shares) | 200,000 | 0 |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 0 |
Common stock, par value (in dollars per share) | $ 2.5 | $ 2.5 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 223,200,000 | 222,400,000 |
Treasury stock, shares (in shares) | 60,800,000 | 58,200,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST INCOME | |||
Loans, including fees | $ 656,077 | $ 737,932 | $ 683,042 |
Investment securities: | |||
Taxable | 58,173 | 62,556 | 56,044 |
Tax-exempt | 21,047 | 14,218 | 12,076 |
Loans held for sale | 2,077 | 1,351 | 1,159 |
Other interest income | 5,504 | 9,249 | 6,193 |
Total Interest Income | 742,878 | 825,306 | 758,514 |
INTEREST EXPENSE | |||
Deposits | 70,045 | 131,775 | 87,712 |
Short-term borrowings | 5,227 | 14,543 | 8,489 |
Long-term borrowings | 38,398 | 30,599 | 31,857 |
Total Interest Expense | 113,671 | 176,917 | 128,058 |
Net Interest Income | 629,207 | 648,389 | 630,456 |
Provision for credit losses | 76,920 | 32,825 | 46,907 |
Net Interest Income After Provision for Credit Losses | 552,287 | 615,564 | 583,549 |
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 226,335 | 211,427 | 195,488 |
Investment securities gains, net | 3,053 | 4,733 | 37 |
Total Non-Interest Income | 229,388 | 216,160 | 195,525 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 324,395 | 311,934 | 303,202 |
Net occupancy | 53,013 | 52,826 | 51,678 |
Data processing and software | 48,073 | 44,679 | 41,286 |
Other outside services | 31,432 | 39,989 | 33,758 |
Equipment | 13,885 | 13,575 | 13,243 |
Professional fees | 12,835 | 13,134 | 14,161 |
State taxes | 12,613 | 8,894 | 9,590 |
FDIC insurance | 8,865 | 7,780 | 10,993 |
Amortization of TCI | 6,126 | 6,021 | 11,449 |
Prepayment penalty on FHLB advances | 2,878 | 4,326 | 0 |
Intangible amortization | 529 | 1,427 | 0 |
Other | 64,796 | 63,151 | 56,744 |
Total Non-Interest Expense | 579,440 | 567,736 | 546,104 |
Income Before Income Taxes | 202,235 | 263,988 | 232,970 |
Income taxes | 24,194 | 37,649 | 24,577 |
Net Income | 178,040 | 226,339 | 208,393 |
Preferred stock dividends | (2,135) | 0 | 0 |
Net Income Available to Common Shareholders | $ 175,905 | $ 226,339 | $ 208,393 |
PER SHARE: | |||
Net Income (Basic) (in dollars per share) | $ 1.08 | $ 1.36 | $ 1.19 |
Net Income (Diluted) (in dollars per share) | 1.08 | 1.35 | 1.18 |
Cash Dividends (in dollars per share) | $ 0.56 | $ 0.56 | $ 0.52 |
Commercial banking | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | $ 70,286 | $ 71,117 | $ 63,929 |
Consumer banking | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 41,598 | 49,503 | 48,422 |
Wealth management | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 59,058 | 55,678 | 52,148 |
Mortgage banking | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 42,309 | 23,099 | 19,026 |
Other | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | $ 13,084 | $ 12,030 | $ 11,963 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 178,040 | $ 226,339 | $ 208,393 |
Unrealized gains (losses) on AFS investment securities: | |||
Unrealized gain (loss) on securities | 65,651 | 56,919 | (24,326) |
Reclassification adjustment for securities gains included in net income | (2,359) | (3,686) | (30) |
Amortization of net unrealized losses on AFS securities transferred to HTM | 3,448 | 6,285 | 2,098 |
Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities | 0 | (680) | 222 |
Net unrealized gains (losses) on AFS investment securities | 66,740 | 58,838 | (22,036) |
Defined benefit pension plan and postretirement benefits: | |||
Unrecognized pension and postretirement (cost) income | (2,532) | (937) | 1,400 |
Amortization of net unrecognized pension and postretirement income | 1,020 | 1,025 | 1,648 |
Net unrealized (losses) gains on defined benefit pension and postretirement plans | (1,512) | 88 | 3,048 |
Other Comprehensive Income (Loss) | 65,228 | 58,926 | (18,988) |
Total Comprehensive Income | $ 243,268 | $ 285,265 | $ 189,405 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | [2] | Preferred Stock Issuance | Common Stock Issuance | Preferred Stock | Preferred StockPreferred Stock Issuance | Common Stock | Common StockCommon Stock Issuance | Additional Paid-in Capital | Additional Paid-in CapitalCommon Stock Issuance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | [2] | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Treasury StockCommon Stock Issuance | ||
Beginning Balance at Dec. 31, 2017 | $ 2,229,857 | $ 0 | $ 552,232 | $ 1,478,389 | $ 821,619 | $ (32,974) | $ (589,409) | ||||||||||||
Beginning Balance (in shares) at Dec. 31, 2017 | 0 | 175,170 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | 208,393 | 208,393 | |||||||||||||||||
Other comprehensive income (loss) | (18,988) | (18,988) | |||||||||||||||||
Stock issued | 6,735 | $ 2,062 | 3,432 | 1,241 | |||||||||||||||
Stock issued (in shares) | 977 | ||||||||||||||||||
Stock-based compensation awards | 7,965 | $ 83 | 7,882 | ||||||||||||||||
Stock-based compensation awards (in shares) | 33 | ||||||||||||||||||
Acquisition of treasury stock | (95,308) | (95,308) | |||||||||||||||||
Acquisition of treasury stock (in shares) | (5,996) | ||||||||||||||||||
Reclassification of stranded tax effects | 0 | 7,101 | [1] | (7,101) | [1] | ||||||||||||||
Common stock cash dividends | (91,081) | (91,081) | |||||||||||||||||
Ending Balance at Dec. 31, 2018 | 2,247,573 | $ 0 | $ 554,377 | 1,489,703 | 946,032 | (59,063) | (683,476) | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 0 | 170,184 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | 226,339 | 226,339 | |||||||||||||||||
Other comprehensive income (loss) | 58,926 | 58,926 | |||||||||||||||||
Stock issued | 6,362 | $ 1,733 | 2,565 | 2,064 | |||||||||||||||
Stock issued (in shares) | 883 | ||||||||||||||||||
Stock-based compensation awards | 7,413 | 7,413 | |||||||||||||||||
Acquisition of treasury stock | (111,457) | (111,457) | |||||||||||||||||
Acquisition of treasury stock (in shares) | (6,849) | ||||||||||||||||||
Common stock cash dividends | (92,980) | (92,980) | |||||||||||||||||
Ending Balance at Dec. 31, 2019 | 2,342,176 | $ 0 | $ 556,110 | 1,499,681 | 1,079,391 | (137) | (792,869) | ||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 0 | 164,218 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Net Income | 178,040 | 178,040 | |||||||||||||||||
Other comprehensive income (loss) | 65,228 | 65,228 | |||||||||||||||||
Stock issued | $ 192,878 | $ 7,375 | $ 192,878 | $ 1,807 | $ 907 | $ 4,661 | |||||||||||||
Stock issued (in shares) | 200 | 1,040 | |||||||||||||||||
Stock-based compensation awards | 7,529 | 7,529 | |||||||||||||||||
Acquisition of treasury stock | (39,748) | (39,748) | |||||||||||||||||
Acquisition of treasury stock (in shares) | (2,908) | ||||||||||||||||||
Common stock cash dividends | (90,708) | (90,708) | |||||||||||||||||
Preferred stock dividend | (2,135) | (2,135) | |||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 2,616,828 | $ (43,807) | $ 192,878 | $ 557,917 | $ 1,508,117 | $ 1,120,781 | $ (43,807) | $ 65,091 | $ (827,956) | ||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 200 | 162,350 | |||||||||||||||||
[1] | Result of adoption of ASU 2018-02. See Note 1 to Consolidated Financial Statements for further details. | ||||||||||||||||||
[2] | The Corporation adopted ASU 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments on January 1, 2020. See Note 1 to the Consolidated Financial Statements for further details. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock cash dividends (usd per share) | $ 0.56 | $ 0.56 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 178,040 | $ 226,339 | $ 208,393 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 76,920 | 32,825 | 46,907 |
Depreciation and amortization of premises and equipment | 28,803 | 28,200 | 28,156 |
Amortization of TCI | 30,800 | 32,810 | 38,606 |
Net amortization of investment securities premiums | 12,222 | 9,387 | 9,297 |
Deferred income tax benefit | (21,591) | (165) | (15,749) |
Re-measurement of net DTA | 0 | 0 | (809) |
Investment securities gains, net | (3,053) | (4,733) | (37) |
Gain on sales of mortgage loans held for sale | (53,599) | (17,882) | (13,021) |
Proceeds from sales of mortgage loans held for sale | 1,536,174 | 916,725 | 795,756 |
Originations of mortgage loans held for sale | (1,528,633) | (909,572) | (778,304) |
Intangible amortization | 529 | 1,427 | 0 |
Amortization of issuance costs and discounts on long-term borrowings | 1,128 | 842 | 813 |
Stock-based compensation | 7,529 | 7,413 | 7,965 |
Other changes, net | (110,781) | (195,903) | (31,153) |
Total adjustments | (23,552) | (98,626) | 88,427 |
Net cash provided by operating activities | 154,488 | 127,713 | 296,820 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of AFS securities | 215,150 | 710,739 | 54,638 |
Proceeds from principal repayments and maturities of AFS securities | 430,845 | 234,702 | 290,681 |
Proceeds from principal repayments and maturities of HTM securities | 93,823 | 83,121 | 35,900 |
Purchase of AFS securities | (1,134,380) | (1,138,070) | (558,949) |
Sale (purchase) of FRB and FHLB stock | 5,293 | (18,139) | (18,522) |
Net increase in loans | (2,072,831) | (708,048) | (447,849) |
Net purchases of premises and equipment | (20,237) | (33,717) | (39,883) |
Net cash paid for acquisition | (1,884) | (5,174) | 0 |
Net change in tax credit investments | (15,259) | (18,760) | (56,733) |
Net cash used in investing activities | (2,499,480) | (893,346) | (740,717) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in demand and savings deposits | 3,951,905 | 849,437 | 435,872 |
Net increase in time deposits | (506,611) | 168,317 | 142,755 |
Increase in short-term borrowings | (253,175) | 128,464 | 137,253 |
Proceeds from long-term borrowings | 495,898 | 485,000 | 50,000 |
Repayments of long-term debt | (82,533) | (596,056) | (100,165) |
Net proceeds from issuance of preferred stock | 192,878 | 0 | 0 |
Net proceeds from issuance of common stock | 7,375 | 6,362 | 6,735 |
Dividends paid | (90,957) | (92,330) | (89,654) |
Acquisition of treasury stock | (39,748) | (111,457) | (95,308) |
Net cash provided by financing activities | 3,675,033 | 837,737 | 487,488 |
Net Increase in Cash and Cash Equivalents | 1,330,041 | 72,104 | 43,591 |
Cash and Cash Equivalents at Beginning of Year | 517,791 | 445,687 | 402,096 |
Cash and Cash Equivalents at End of Year | 1,847,832 | 517,791 | 445,687 |
Cash paid during period for: | |||
Interest | 112,140 | 178,612 | 126,846 |
Income taxes | 16,190 | 9,193 | 13,547 |
Supplemental schedule of certain noncash activities | |||
Transfer of available for sale securities to held to maturity securities | 0 | 0 | 641,672 |
Transfer of available for sale securities to held to maturity securities | $ 0 | $ 158,898 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business: Fulton Financial Corporation (the Parent Company) is a financial holding company which provides a full range of banking and financial services to businesses and consumers through its wholly owned banking subsidiary, Fulton Bank, N.A. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation’s primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory agencies. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets, and the Corporation is not dependent upon any single customer or industry. In 2018, the Corporation had three banking subsidiaries. During 2019, the Corporation consolidated two wholly owned banking subsidiaries into its lead bank, Fulton Bank. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with GAAP and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the SEC. Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consists of cash and due from banks and interest bearing deposits with other banks, which includes restricted cash. Restricted cash comprises cash balances required to be maintained with the FRB, based on customer transaction deposit account levels, and cash balances provided as collateral on derivative contracts and other contracts. See Note 2, "Restrictions on Cash and Cash Equivalents" for additional information. FRB and FHLB Stock: The Bank is a member of the FRB and FHLB and is required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Investments: Debt securities are classified as HTM at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities; however, since the investment portfolio serves as a source of liquidity, most debt securities are classified as AFS. AFS securities are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. The Corporation early adopted ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivative and Hedging, and Topic 825, Financial Instruments," in the third quarter of 2019, which permitted the one-time reclassification of certain HTM securities to AFS under Topic 815, specific to the transition guidance of ASU update 2017-12, which the Corporation adopted on January 1, 2019. See “Note 3 - Investment Securities” for additional information on this reclassification. The portion of this standards update related to codification improvements specific to Topic 326 was implemented with the Corporation’s adoption of ASU 2016-13 in the first quarter of 2020. Additional codification improvements to Topic 825, specifically ASU 2016-01, which the Corporation adopted as of January 1, 2018, did not have an impact on the Corporation's consolidated financial statements. HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of December 31, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities. AFS Debt Securities : The ACL approach for AFS debt securities differs from the approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Under CECL, the concept of OTTI has been eliminated, and credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. In evaluating credit losses on AFS debt securities, management considers factors such as delinquency, guarantees and whether the securities are rated higher than investment grade. As of December 31, 2020, no AFS debt securities required an ACL. Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. Loans : Loans are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans deemed to be a loss are written off through a charge against the ACL. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL. Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking. Loan origination fees and the related direct origination costs for loans originated under the PPP loan program are amortized on a straight-line basis over the repayment period of the loan. To the extent that a PPP loan is forgiven, the unamortized fees and costs will be recognized as interest income at the time of forgiveness. Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. On March 27, 2020, the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19, the modified loan was not more than 30 days past due on December 31, 2019 and the modification was executed between March 1, 2020 and the earlier of (a) 60 days after the date of the COVID-19 national emergency comes to an end or (b) December 31, 2020. The Corporation is applying the option under the CARES act for all loan modifications that qualify. On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020. Allowance for Credit Losses: CECL Adoption On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, and net investments in leases recognized by a lessor in accordance with ASC Topic 842. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology, ASC 310-10 and ASC 450-20. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and DTAs increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. Loans Evaluated Collectively : Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a probability of default (PD) and loss given default (LGD) to the exposure at default (EAD) at the loan level. In order to determine the PD, LGD, and EAD calculation inputs: • Loans are aggregated into pools based on similar risk characteristics. • The PD and LGD rates are determined by historical credit loss experience for each pool of loans. • The loan segment PD rates are estimated using six econometric regression models that use the Corporation’s historical credit loss experience and incorporate reasonable and supportable economic forecasts for various macroeconomic variables that are statistically correlated with expected loss behavior in the loan segment. • The reasonable and supportable forecast for each macroeconomic variable is sourced from an external third party and is applied over the contractual term of the Corporation’s loan portfolio. The Corporation’s economic forecast considers the general health of the economy, the interest rate environment, real estate pricing and market risk. • A single baseline forecast scenario is used for each macroeconomic variable. • The loan segment lifetime LGD rates are estimated using a loss rate approach based on the Corporation’s historical charge-off experience and the balance at the time of loan default. • The LGD rates are adjusted for the Corporation’s recovery experience. • To calculate the EAD, the corporation estimates contractual cash flows over the remaining life of each loan. Certain cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a prepayment rate is used in determining the EAD estimate. Loans Evaluated Individually : Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations of the ACL assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable but, are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. ACL Methodology Before CECL Adoption For the years ended December 31, 2019 and prior, the ACL consists of the ACL for loans and unfunded commitments. The ACL represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The ACL for unfunded commitments represents management’s estimate of incurred losses in its unfunded loan commitments and other off-balance sheet credit exposures, such as letters of credit, and is recorded in other liabilities on the consolidated balance sheets. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The Corporation’s ACL for loans includes: 1) specific allowances allocated to loans evaluated for impairment under the ASC Section 310-10-35; and 2) allowances calculated for pools of loans evaluated for impairment under ASC Subtopic 450-20. A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. All loans not evaluated for impairment under ASC Section 310-10-35 are evaluated for impairment under ASC Subtopic 450-20, using a pooled loss evaluation approach. Loans are segmented into pools with similar characteristics and a consistently developed loss factor is then applied to all loans in these pools. The Corporation calculates allowance for loan loss allocation needs for loans evaluated under ASC Subtopic 450-20 through the following procedures: The loans are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and equipment lease financing are further segmented into separate pools based on delinquency status; • A loss rate is calculated for each pool through an analysis of historical losses as loans migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss rate forecast; • The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends; and • The resulting adjusted loss rate is applied to the balance of the loans in the pool to arrive at the allowance allocation for the pool. The allocation of the ACL for loans is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. See Note 5, "Premises and Equipment" for additional information. OREO: Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in other non-interest expense on the consolidated statements of income. MSRs: The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to mortgage servicing income, included as a component of mortgage banking income on the consolidated statements of income, over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. See Note 7, "Mortgage Servicing Rights" for additional information. Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate and foreign exchange risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair value recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. The Bank is required to clear all eligible interest rate swap contracts with a central counterparty as it is subject to the regulations of the Commodity Futures Trading Commission. Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a specific date at a contractual price. The Corporation limits its foreign exchange exposure with customers by entering into contracts with institutional counterparties to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro Account balances, to $500,000. See "Note 10 - Derivative Financial Instruments" for additional information. Balance Sheet Offsetting: Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swaps with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swaps in the event of default. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared through a daily clearing agent. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheets are not equal and offsetting. The Corporation is also a party to foreign exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swaps, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign exchange contracts in the event of default. The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the s |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Due from Banks [Abstract] | |
Restrictions on Cash and Cash Equivalents | NOTE 2 – RESTRICTIONS ON CASH AND CASH EQUIVALENTS The Corporation is required to maintain reserves against its deposit liabilities. Prior to March 2020, reserves were in the form of cash and balances with the FRB, included in "interest-bearing deposits with other banks." The FRB suspended cash reserve requirements effective March 26, 2020. On the consolidated balance sheets, the amounts of such reserves as of December 31, 2019 were $218.9 million. In addition, collateral is posted by the Corporation with counterparties to secure derivative and other contracts, which is included in "interest-bearing deposits with other banks". On the consolidated balance sheets, the amounts of such collateral as of December 31, 2020 and 2019 were $408.1 million and $199.6 million, respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3 – INVESTMENT SECURITIES The following tables present the amortized cost and estimated fair values of investment securities, as of December 31: Amortized Gross Gross Estimated (in thousands) 2020 Available for Sale State and municipal securities $ 891,327 $ 61,286 $ — $ 952,613 Corporate debt securities 348,391 19,445 (691) 367,145 Collateralized mortgage obligations 491,321 12,560 (115) 503,766 Residential mortgage-backed securities 373,779 4,246 (27) 377,998 Commercial mortgage-backed securities 741,172 22,384 (1,141) 762,415 Auction rate securities 101,510 — (3,304) 98,206 Total $ 2,947,500 $ 119,921 $ (5,278) $ 3,062,143 Held to Maturity Residential mortgage-backed securities $ 278,281 $ 18,576 $ — $ 296,857 Total $ 278,281 $ 18,576 $ — $ 296,857 2019 Available for Sale State and municipal securities $ 638,125 $ 15,826 $ (1,024) $ 652,927 Corporate debt securities 370,401 8,490 (1,534) 377,357 Collateralized mortgage obligations 682,307 11,726 (315) 693,718 Residential mortgage-backed securities 177,183 1,078 (949) 177,312 Commercial mortgage-backed securities 489,603 6,471 (1,777) 494,297 Auction rate securities 107,410 — (5,484) 101,926 Total $ 2,465,029 $ 43,591 $ (11,083) $ 2,497,537 Held to Maturity Residential mortgage-backed securities $ 369,841 $ 13,864 $ — $ 383,705 Total $ 369,841 $ 13,864 $ — $ 383,705 On July 1, 2019, the Corporation transferred state and municipal securities from the HTM classification to the AFS classification as permitted through the early adoption of ASU 2019-04, as disclosed in "Note 1 - Summary of Significant Accounting Policies." The amortized cost of the securities transferred was $158.9 million and the estimated fair value was $168.5 million. The Corporation has the positive intent and ability to hold the remainder of the HTM portfolio, consisting of residential mortgage-backed securities, to maturity. On August 1, 2018, the Corporation transferred debt securities with an amortized cost of $665.5 million and an estimated fair value of $641.7 million from the AFS classification to the HTM classification. These securities consisted of residential mortgage-backed securities ($505.5 million amortized cost and $485.3 million estimated fair value) and state and municipal securities ($160.0 million amortized cost and $156.4 million estimated fair value) and were transferred as the Corporation had the positive intent and ability to hold these securities to maturity. The transfer of debt securities into the HTM category from the AFS category was recorded at fair value on the date of transfer. The net unrealized gains or losses at the transfer date are included in AOCI and are being amortized over the remaining lives of the securities. This amortization is expected to offset the amortization of the related premium or discount created by the investment securities transfer into the HTM classification, with no expected impact on future net income. Securities carried at $520.5 million at December 31, 2020 and $462.6 million at December 31, 2019, were pledged as collateral to secure public and trust deposits and customer repurchase agreements. The amortized cost and estimated fair values of debt securities as of December 31, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 11,250 $ 11,350 $ — $ — Due from one year to five years 39,069 40,717 — — Due from five years to ten years 327,456 345,612 — — Due after ten years 963,453 1,020,285 — — 1,341,228 1,417,964 — — Residential mortgage-backed securities (1) 373,779 377,998 278,281 296,857 Commercial mortgage-backed securities (1) 741,172 762,415 — — Collateralized mortgage obligations (1) 491,321 503,766 — — Total $ 2,947,500 $ 3,062,143 $ 278,281 $ 296,857 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to gross gains and losses on the sales of securities: Gross Realized Gains Gross Realized Losses Net Gains (in thousands) 2020 $ 6,545 $ (3,492) $ 3,053 2019 11,554 (6,821) 4,733 2018 1,665 (1,628) 37 During 2020, the Corporation completed a limited balance sheet restructuring that included the sale of investment securities, with an amortized cost $79.0 million and an estimated fair value of $82.0 million, resulting in net investment securities gains of $3.0 million. Offsetting these gains were $2.9 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances. During 2019, the Corporation completed a limited balance sheet restructuring that included the sale of investment securities, with an amortized cost of $409.2 million and an estimated fair value of $413.7 million, resulting in net investment securities gains of $4.5 million. Offsetting these gains were $4.3 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances. The Corporation had cumulative credit-related OTTI charges, recognized as components of earnings, for debt securities held by the Corporation of $990,000 for both December 31, 2020 and 2019 and $11.5 million as of December 31, 2018. The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31: Less Than 12 months 12 Months or Longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized 2020 (dollars in thousands) Available for Sale Corporate debt securities 9 $ 44,528 $ (377) 1 $ 6,871 $ (314) $ 51,399 $ (691) Collateralized mortgage obligations 3 57,601 (115) — — — 57,601 (115) Residential mortgage-backed securities 1 20,124 (27) — — — 20,124 (27) Commercial mortgage-backed securities 9 144,383 (1,141) — — — 144,383 (1,141) Auction rate securities — — — 162 98,206 (3,304) 98,206 (3,304) Total available for sale 22 $ 266,636 $ (1,660) 163 $ 105,077 $ (3,618) $ 371,713 $ (5,278) 2019 Available for Sale State and municipal securities 44 $ 136,344 $ (1,024) — $ — $ — $ 136,344 $ (1,024) Corporate debt securities 5 30,719 (346) 8 18,759 (1,188) 49,478 (1,534) Collateralized mortgage obligations 5 33,865 (190) 1 5,330 (125) 39,195 (315) Residential mortgage-backed securities 5 12,247 (40) 26 127,373 (909) 139,620 (949) Commercial mortgage-backed securities 7 121,340 (1,777) — — — 121,340 (1,777) Auction rate securities — — — 177 101,926 (5,484) 101,926 (5,484) Total available for sale 66 $ 334,515 $ (3,377) 212 $ 253,388 $ (7,706) $ 587,903 $ (11,083) No held to maturity securities were in an unrealized loss position as of December 31, 2020 and 2019. The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of December 31, 2020. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 4 – ALLOWANCE FOR CREDIT LOSSES AND ASSET QUALITY Loans and leases, net of unearned income Loans and leases, net of unearned income are summarized as follows as of December 31: 2020 2019 (in thousands) Real estate - commercial mortgage $ 7,105,092 $ 6,700,776 Commercial and industrial (1) 5,670,828 4,446,701 Real-estate - residential mortgage 3,141,915 2,641,465 Real-estate - home equity 1,202,913 1,314,944 Real-estate - construction 1,047,218 971,079 Consumer 466,772 463,164 Equipment lease financing and other 284,377 322,625 Overdrafts 4,806 3,582 Gross loans 18,923,921 16,864,336 Unearned income (23,101) (26,810) Net Loans $ 18,900,820 $ 16,837,526 (1) Includes PPP loans totaling $1.6 billion as of December 31, 2020. The Corporation has extended credit to officers and directors of the Corporation and to their associates. These related-party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collection. The aggregate dollar amount of these loans, including unadvanced commitments, was $162.5 million and $90.1 million as of December 31, 2020 and 2019, respectively. During 2020, additions totaled $103.5 million and repayments totaled $31.1 million for related-party loans. Allowance for Credit Losses, effective January 1, 2020 As discussed in Note 1, "Summary of Significant Accounting Policies," the Corporation adopted CECL effective January 1, 2020. CECL requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to 2020). Accordingly, ACL disclosures subsequent to January 1, 2020 are not always comparable to prior periods. In addition, certain new disclosures required under CECL are not applicable to prior periods. As a result, the following tables present disclosures separately for each period, where appropriate. New disclosures required under CECL are only shown for the current period and are noted. See Note 1, "Summary of Significant Accounting Policies," for a summary of the impact of adopting CECL on January 1, 2020. Under CECL, loans evaluated individually for impairment consist of non-accrual loans and TDRs. Under the incurred loss model in effect prior to the adoption of CECL, loans evaluated individually for impairment were referred to as impaired loans. The ACL related to loans consists of loans evaluated collectively and individually for expected credit losses. The ACL related to loans represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to Net Loans. The ACL for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. The total ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL under CECL: 2020 (in thousands) ACL - loans $ 277,567 ACL - OBS credit exposure 14,373 Total ACL $ 291,940 The following table presents the activity in the ACL in 2020: 2020 (in thousands) Balance at beginning of period $ 166,209 Impact of adopting CECL on January 1, 2020 (1) 58,348 Loans charged off (30,557) Recoveries of loans previously charged off 21,020 Net loans recovered (charged off) (9,537) Provision for credit losses (2) 76,920 Balance at the end of the period (3) $ 291,940 (1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $(840,000) related to OBS credit exposures for the year ended December 31, 2020. (3) Includes $14.4 million of reserves for OBS credit exposures as of December 31, 2020. The following table presents the activity in the ACL - loans by portfolio segment, for the year ended December 31, 2020: Real Estate - Commercial and Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing, other Total (in thousands) Year ended December 31, 2020 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Impact of adopting CECL on January 1, 2020 29,361 (18,576) (65) 21,235 4,015 5,969 3,784 45,723 Loans charged off (4,225) (18,915) (1,193) (620) (17) (3,400) (2,187) (30,557) Recoveries of loans previously charged off 1,027 11,396 504 491 5,122 1,875 605 21,020 Net loans recovered (charged off) (3,198) (7,519) (689) (129) 5,105 (1,525) (1,582) (9,537) Provision for loan losses (1) 31,652 32,264 (2,758) 11,118 2,045 2,699 741 77,760 Balance at December 31, 2020 $ 103,425 $ 74,771 $ 14,232 $ 51,995 $ 15,608 $ 10,905 $ 6,633 $ 277,567 (1) Provision included in the table only includes the portion related to Net Loans. The higher provision during 2020 was largely driven by the overall downturn in economic forecasts due to COVID-19, resulting in higher expected future credit losses under CECL. The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. Qualitative adjustments include and consider changes in national, regional and local economic and business conditions, an assessment of the lending environment, including underwriting standards and other factors affecting credit quality. Qualitative adjustments have increased compared to those at the time of the adoption of CECL on January 1, 2020 primarily as a result of uncertainties related to the economic impact of COVID-19, including consideration for the future performance of loans that received deferrals or forbearances as a result of COVID-19 and the impact COVID-19 had on certain industries where the quantitative models was not fully capturing the appropriate level of risk. PPP loans that were issued during 2020 are fully guaranteed by the SBA and as such, no ACL were recorded against the PPP loan portfolio. Allowance for Credit Losses, prior to January 1, 2020 Prior to January 1, 2020, the ACL consisted of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represented management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to Net Loans. The reserve for unfunded lending commitments represented management’s estimate of incurred losses in unfunded loan commitments and letters of credit, and was recorded in other liabilities on the consolidated balance sheets. The ACL was increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL as of December 31: 2019 2018 (in thousands) Allowance for loan losses $ 163,622 $ 160,537 Reserve for unfunded lending commitments 2,587 8,873 Total ACL $ 166,209 $ 169,410 The following table presents the activity in the ACL for the years ended December 31: 2019 2018 (in thousands) Balance at beginning of period $ 169,410 $ 176,084 Loans charged off (53,189) (66,076) Recoveries of loans previously charged off 17,163 12,495 Net loans recovered (charged off) (36,026) (53,581) Provisions for credit losses (1) 32,825 46,907 Balance at the end of the period (2) $ 166,209 $ 169,410 (1) Includes $(6.3) million and $2.7 million related to OBS credit exposures for the years ended 2019 and 2018, respectively. (2) Includes $2.6 million and $8.9 million of reserves for OBS credit exposures as of December 31, 2019 and 2018. The following tables present the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2019 and 2018, by portfolio segment: Real Estate - Commercial and Industrial Real Estate - Real Estate - Real Estate - Consumer Equipment Finance Leasing and Other Total (in thousands) Balance at December 31, 2018 52,889 58,868 18,911 18,921 5,061 3,217 2,670 160,537 Loans charged off (1,837) (42,410) (1,291) (1,545) (143) (3,403) (2,560) (53,189) Recoveries of loans previously charged off 2,202 8,721 688 989 2,591 1,306 666 17,163 Net loans recovered (charged off) 365 (33,689) (603) (556) 2,448 (2,097) (1,894) (36,026) Provision for loan losses (1) (7,644) 43,423 (564) 1,406 (3,066) 2,642 2,914 39,111 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 0 $ 163,622 (1) Provision included in the table only includes the portion related to Net Loans Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of December 31, 2020 and December 31, 2019, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of December 31, 2020 and 2019, approximately 83% and 93%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months. The following table presents total non-accrual loans, by class segment: 2020 2019 With a Related Allowance Without a Related Allowance Total Total (in thousands) Real estate - commercial mortgage $ 19,909 $ 31,561 $ 51,470 $ 33,166 Commercial and industrial 13,937 18,056 31,993 48,106 Real estate - residential mortgage 24,590 1,517 26,107 16,676 Real estate - home equity 9,398 190 9,588 7,004 Real estate - construction 437 958 1,395 3,618 Consumer 332 — 332 — Equipment lease financing and other — 16,313 16,313 16,528 Total $ 68,603 $ 68,595 $ 137,198 $ 125,098 As of December 31, 2020, there were $68.6 million of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. In 2020, the total interest income that would have been recorded if non-accrual loans had been current in accordance with their original terms was $5.8 million. The amount of interest income on non-accrual loans that was recognized in 2020 was approximately $290,000. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, under both the CECL and incurred loss models, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loans. The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, in the current period: December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 185,883 $ 229,097 $ 217,604 $ 81,086 $ 37,976 $ 110,470 $ 38,026 $ — $ 900,142 Special Mention — — — — 7,047 6,212 — — 13,259 Substandard or Lower — 447 — 2,000 753 1,637 632 — 5,469 Total real estate - construction 185,883 229,544 217,604 83,086 45,776 118,319 38,658 — 918,870 Real estate - construction (1) Current period gross charge-offs — — — — — (17) — — (17) Current period recoveries — — — — 68 5,054 — — 5,122 Total net (charge-offs) recoveries — — — — 68 5,037 — — 5,105 Commercial and industrial (2) Pass 2,283,533 508,541 298,567 214,089 208,549 596,646 1,278,689 — 5,388,614 Special Mention 6,633 23,834 29,167 10,945 11,506 25,960 45,994 — 154,039 Substandard or Lower 3,221 5,947 8,434 11,251 11,192 23,852 64,278 — 128,175 Total commercial and industrial 2,293,387 538,322 336,168 236,285 231,247 646,458 1,388,961 — 5,670,828 Commercial and industrial Current period gross charge-offs — (114) (30) (488) (393) (520) (17,370) — (18,915) Current period recoveries — 43 486 216 162 4,531 5,958 — 11,396 Total net (charge-offs) recoveries — (71) 456 (272) (231) 4,011 (11,412) — (7,519) Real estate - commercial mortgage Pass 973,664 917,510 708,946 794,955 783,094 2,213,343 53,041 404 6,444,957 Special Mention 13,639 40,874 84,047 80,705 89,112 167,424 2,364 — 478,165 Substandard or Lower 1,238 6,681 6,247 39,027 22,605 103,007 2,225 940 181,970 Total real estate - commercial mortgage 988,541 965,065 799,240 914,687 894,811 2,483,774 57,630 1,344 7,105,092 Real estate - commercial mortgage Current period gross charge-offs (60) (21) (36) (2,515) (29) (1,547) (17) — (4,225) Current period recoveries — 6 — — 1 1,020 — — 1,027 Total net (charge-offs) recoveries (60) (15) (36) (2,515) (28) (527) (17) — (3,198) Total Pass $ 3,443,080 $ 1,655,148 $ 1,225,117 $ 1,090,130 $ 1,029,619 $ 2,920,459 $ 1,369,756 $ 404 $ 12,733,713 Special Mention 20,272 64,708 113,214 91,650 107,665 199,596 48,358 — 645,463 Substandard or Lower 4,459 13,075 14,681 52,278 34,550 128,496 67,135 940 315,614 Total $ 3,467,811 $ 1,732,931 $ 1,353,012 $ 1,234,058 $ 1,171,834 $ 3,248,551 $ 1,485,249 $ 1,344 $ 13,694,790 (1) Excludes real estate - construction - other. (2) Loans originated in 2020 include $1.6 million of PPP loans that were assigned a rating of Pass based on the existence of a federal government guaranty through the SBA. The information presented in the preceding table is not required to be disclosed for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments: December 31, 2019 Pass Special Mention Substandard or Lower Total (dollars in thousands) Real estate - commercial mortgage $ 6,429,407 $ 137,163 $ 134,206 $ 6,700,776 Commercial and industrial - secured 3,830,847 171,442 195,884 4,198,173 Commercial and industrial - unsecured 234,987 9,665 3,876 248,528 Total commercial and industrial 4,065,834 181,107 199,760 4,446,701 Construction - commercial residential 100,808 2,897 3,461 107,166 Construction - commercial 765,562 1,322 2,676 769,560 Total construction (excluding construction - other) 866,370 4,219 6,137 876,726 $ 11,361,611 $ 322,489 $ 340,103 $ 12,024,203 % of Total 94.5 % 2.7 % 2.8 % 100.0 % The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, under both the CECL and incurred loss models, which base the PD on this migration. The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loans classes, the Corporation evaluates credit quality based on the aging status of the loan. The following table presents the amortized cost of these loans based on payment activity, by origination year, for the current period: December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 31,445 $ 8,176 $ 13,906 $ 11,024 $ 11,667 $ 126,749 $ 982,285 $ 5,321 $ 1,190,573 Non-performing — 88 23 233 221 2,290 9,485 — 12,340 Total real estate - home equity 31,445 8,264 13,929 11,257 11,888 129,039 991,770 5,321 1,202,913 Real estate - home equity Current period gross charge-offs — — — — — (34) (1,159) — (1,193) Current period recoveries — — — — — 138 366 — 504 Total net (charge-offs) recoveries — — — — — 104 (793) — (689) Real estate - residential mortgage Performing 1,255,532 585,878 228,398 341,563 264,990 434,889 — — 3,111,250 Non-performing 217 2,483 3,177 2,483 722 21,583 — — 30,665 Total real estate - residential mortgage 1,255,749 588,361 231,575 344,046 265,712 456,472 — — 3,141,915 Real estate - residential mortgage Current period gross charge-offs — (68) (101) (190) (7) (254) — — (620) Current period recoveries — 68 16 1 1 405 — — 491 Total net (charge-offs) recoveries — — (85) (189) (6) 151 — — (129) Consumer Performing 114,399 98,587 95,072 43,334 25,804 36,086 52,698 42 466,022 Non-performing 168 19 124 141 114 150 34 — 750 Total consumer 114,567 98,606 95,196 43,475 25,918 36,236 52,732 42 466,772 Consumer Current period gross charge-offs (134) (542) (524) (444) (489) (769) (498) — (3,400) Current period recoveries — 64 165 159 94 101 1,292 — 1,875 Total net (charge-offs) recoveries (134) (478) (359) (285) (395) (668) 794 — (1,525) Equipment lease financing and other Performing 102,324 65,303 49,453 34,995 15,631 5,040 — — 272,746 Non-performing — — 30 15,983 142 282 — — 16,437 Total leasing and other 102,324 65,303 49,483 50,978 15,773 5,322 — — 289,183 Equipment lease financing and other Current period gross charge-offs (606) (1,581) — — — — — — (2,187) Current period recoveries 185 349 21 18 11 21 — — 605 Total net (charge-offs) recoveries (421) (1,232) 21 18 11 21 — — (1,582) Construction - other Performing 96,444 24,888 6,822 — 16 — — — 128,170 Non-performing — — — 178 — — — — 178 Total construction - other 96,444 24,888 6,822 178 16 — — — 128,348 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,600,144 $ 782,832 $ 393,651 $ 430,916 $ 318,108 $ 602,764 $ 1,034,983 $ 5,363 $ 5,168,761 Non-performing 385 2,590 3,354 19,018 1,199 24,305 9,519 — 60,370 Total $ 1,600,529 $ 785,422 $ 397,005 $ 449,934 $ 319,307 $ 627,069 $ 1,044,502 $ 5,363 $ 5,229,131 The information presented in the preceding table not required to be disclosed for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments: December 31, 2019 Performing Delinquent (1) Non-performing (2) Total (dollars in thousands) Real estate - home equity $ 1,292,035 $ 12,341 $ 10,568 $ 1,314,944 Real estate - residential mortgage 2,584,763 34,291 22,411 2,641,465 Construction - other 92,649 895 809 94,353 Consumer - direct 63,582 465 190 64,237 Consumer - indirect 393,974 4,685 268 398,927 Total consumer 457,556 5,150 458 463,164 Equipment lease financing and other 278,743 4,012 16,642 299,397 $ 4,705,746 $ 56,689 $ 50,888 $ 4,813,323 % of Total 97.8 % 1.2 % 1.0 % 100 % (1) Includes all accruing loans 30 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. The following table presents non-performing assets: December 31, December 31, (in thousands) Non-accrual loans $ 137,198 $ 125,098 Loans 90 days or more past due and still accruing 9,929 16,057 Total non-performing loans 147,127 141,155 OREO (1) 4,178 6,831 Total non-performing assets $ 151,305 $ 147,986 (1) Excludes $8.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of December 31, 2020. The following tables present the aging of the amortized cost basis of loans, by class segment: 30-59 60-89 ≥ 90 Days Days Past Days Past Past Due Non- Due Due and Accruing Accrual Current Total (in thousands) December 31, 2020 Real estate – commercial mortgage $ 14,999 $ 9,273 $ 1,177 $ 51,470 $ 7,028,173 $ 7,105,092 Commercial and industrial 11,285 1,068 616 31,993 5,625,866 5,670,828 Real estate – residential mortgage 22,281 7,675 4,687 26,107 3,081,165 3,141,915 Real estate – home equity 5,622 1,654 2,753 9,588 1,183,296 1,202,913 Real estate – construction 1,938 — 155 1,395 1,043,730 1,047,218 Consumer 3,036 501 417 332 462,486 466,772 Equipment lease financing and other 838 150 124 16,313 248,657 266,082 Total $ 59,999 $ 20,321 $ 9,929 $ 137,198 $ 18,673,373 $ 18,900,820 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2019 Real estate – commercial mortgage $ 10,912 $ 1,543 $ 4,113 $ 33,166 $ 6,651,042 $ 6,700,776 Commercial and industrial 2,302 2,630 1,385 48,106 4,392,278 4,446,701 Real estate – residential mortgage 26,982 7,309 5,735 16,676 2,584,763 2,641,465 Real estate – home equity 9,635 2,706 3,564 7,004 1,292,035 1,314,944 Real estate – construction 1,715 900 688 3,618 964,158 971,079 Consumer 4,228 922 458 — 457,556 463,164 Equipment lease financing and other 552 3,460 114 16,528 278,743 299,397 Total $ 56,326 $ 19,470 $ 16,057 $ 125,098 $ 16,620,575 $ 16,837,526 Collateral-Dependent Loans A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Troubled Debt Restructurings The following table presents TDRs, by class segment for the years ended December 31: 2020 2019 (in thousands) Real estate - commercial mortgage $ 28,451 $ 13,330 Commercial and industrial 6,982 5,193 Real estate - residential mortgage 18,602 21,551 Real estate - home equity 14,391 15,068 Consumer — 8 Total accruing TDRs 68,426 55,150 Non-accrual TDRs (1) 35,755 20,825 Total TDRs $ 104,181 $ 75,975 (1) Included within non-accrual loans in the preceding table. The following table presents TDRs, by class segment, for loans that were modified during the years ended December 31: 2020 2019 2018 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Real estate - commercial mortgage 12 $ 24,868 2 $ 263 6 $ 8,261 Commercial and industrial 20 5,218 16 5,378 8 4,226 Real estate - residential mortgage 48 10,493 6 2,252 7 801 Real estate - home equity 48 4,359 59 2,706 96 5,087 Consumer 14 345 — — — — Total 142 $ 45,283 83 $ 10,599 117 $ 18,375 Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020, to borrowers impacted by the effects of COVID-19 pandemic and who are not delinquent at the time of the payment schedule modifications, have been excluded from TDRs. For the year ended December 31, 2020, payment schedule modifications having a recorded investment of $3.5 billion were excluded from TDRs based on this regulatory guidance. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 – PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of December 31: 2020 2019 (in thousands) Land $ 38,654 $ 38,836 Buildings and improvements 343,604 350,609 Furniture and equipment 165,572 158,064 Construction in progress 5,423 9,594 Total premises and equipment 553,253 557,103 Less: Accumulated depreciation and amortization (321,773) (317,057) Net premises and equipment $ 231,480 $ 240,046 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets totaled $536.7 million and $535.3 million as of December 31, 2020 and 2019, respectively. The increase of $1.4 million, net of amortization, was the result of the acquisition of a wealth management business in 2020. There were no goodwill impairment charges in 2020 based on the results of the annual test. The estimated fair values of the Corporation’s reporting units are subject to uncertainty, including future changes in fair values of banks in general and future operating results of reporting units, which could differ significantly from the assumptions used in the current valuation of reporting units. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 7 – MORTGAGE SERVICING RIGHTS The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the fair value included in mortgage banking income on the consolidated statements of income: 2020 2019 2018 (in thousands) Amortized cost: Balance at beginning of period $ 39,267 $ 38,573 $ 37,663 Originations of MSRs 12,173 7,546 6,756 Amortization (12,695) (6,852) (5,846) Balance at end of period $ 38,745 $ 39,267 $ 38,573 Valuation allowance: Balance at beginning of period $ — $ — $ — Additions to valuation allowance (10,500) — — Balance at end of period $ (10,500) $ — $ — Net MSRs at end of period $ 28,245 $ 39,267 $ 38,573 Estimated fair value of MSRs at end of period $ 28,245 $ 45,193 $ 50,200 MSRs represent the economic value of existing contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.7 billion and $4.9 billion as of December 31, 2020 and 2019, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the value of MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $28.2 million and $45.2 million as of December 31, 2020 and 2019, respectively. Based on its fair value analysis as of December 31, 2020, the Corporation determined that a $10.5 million increase to the valuation allowance was required for the year ended December 31, 2020. The increase to the valuation allowance was recorded as a reduction to mortgage banking income on the consolidated statements of income for the year ended December 31, 2020. There were no valuation allowances for the years ended December 31, 2019 and 2018. Total servicing income, recognized as an increase to mortgage banking income in the consolidated statements of income, was $11.9 million, $12.0 million and $11.8 million in 2020, 2019 and 2018, respectively, excluding the increase in the valuation allowance recorded in 2020. Total MSR amortization expense, recognized as a reduction to mortgage banking income in the consolidated statements of income, was $12.7 million, $6.9 million and $5.8 million in 2020, 2019 and 2018, respectively. Estimated future MSR amortization expense, based on balances as of December 31, 2020, and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2021 $ 6,550 2022 6,091 2023 5,586 2024 5,034 2025 4,429 Beyond 2025 11,055 Total estimated amortization expense $ 38,745 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | NOTE 8 – DEPOSITS Deposits consisted of the following as of December 31: 2020 2019 (in thousands) Noninterest-bearing demand $ 6,531,002 $ 4,453,324 Interest-bearing demand 5,818,564 4,720,188 Savings and money market accounts 5,929,792 5,153,941 Total demand and savings 18,279,358 14,327,453 Brokered deposits 335,185 264,531 Time deposits 2,224,664 2,801,929 Total Deposits $ 20,839,207 $ 17,393,913 The scheduled maturities of time deposits as of December 31, 2020 were as follows (in thousands): Year 2021 $ 1,417,396 2022 521,545 2023 160,700 2024 43,914 2025 26,092 Thereafter 55,017 $ 2,224,664 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Short-Term Borrowings and Long-Term Debt | NOTE 9 – SHORT-TERM AND LONG-TERM BORROWINGS Short-term borrowings as of December 31, 2020, 2019 and 2018 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in AFS investment securities. December 31 Maximum Outstanding 2020 2019 2018 2020 2019 2018 (in thousands) Federal funds purchased $ — $ — $ — $ 200,000 $ 274,998 $ 525,000 Short-term FHLB advances (1) — 500,000 385,000 980,000 825,000 385,000 Customer funding (2) 630,066 383,241 369,777 630,066 404,207 547,678 Total short-term borrowings $ 630,066 $ 883,241 $ 754,777 (1) Represents FHLB advances with an original maturity term of less than one year. (2) Includes repurchase agreements and short-term promissory notes. As of December 31, 2020, the Corporation had aggregate availability under federal funds lines of $1.8 billion. A combination of commercial real estate loans, commercial loans and investment securities were pledged to the FRB to provide access to FRB Discount Window borrowings. As of December 31, 2020 and 2019, the Corporation had $324.3 million and $334.3 million, respectively, of collateralized borrowing availability at the FRB Discount Window, and no outstanding borrowings. FHLB advances with an original maturity of one year or more and long-term borrowings included the following as of December 31: 2020 2019 (in thousands) FHLB advances $ 535,973 $ 491,024 Subordinated debt 625,000 250,000 Senior notes 125,000 125,000 Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (6,206) (751) Total long-term borrowings $ 1,296,263 $ 881,769 Excluded from the preceding table is the Parent Company’s revolving line of credit with Fulton Bank. As of December 31, 2020 and 2019, there were no amounts outstanding under this line of credit. This line of credit, with a total commitment of $75.0 million, is secured by insurance investments and bears interest at the LIBOR for maturities of one month plus 2.00%. The amount that the Corporation is permitted to borrow under this commitment at any given time is subject to a formula based on a percentage of the value of the collateral pledged. Although balances drawn on the line of credit and related interest income and expense are eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures. FHLB advances mature through 2027 and carry a weighted average interest rate of 1.78%. As of December 31, 2020, the Corporation had additional borrowing capacity of approximately $3.9 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investment securities and other assets. The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term borrowings as of December 31, 2020 (in thousands): Year 2021 $ — 2022 178,857 2023 214,241 2024 489,190 2025 24,675 Thereafter 389,300 $ 1,296,263 In March 2020, the Corporation issued $200.0 million and $175.0 million of subordinated notes due in 2030 and 2035, respectively. The subordinated notes maturing in 2030 were issued with a fixed-to-floating rate of 3.25% and an effective rate of 3.35%, due to issuance costs, and the subordinated notes maturing in 2035 were issued with a fixed-to-floating rate of 3.75% and an effective rate of 3.85%, due to issuance costs. In March 2017, the Corporation issued $125.0 million of senior notes, with a fixed rate of 3.60% and an effective rate of 3.95%, as a result of discounts and issuance costs, which mature on March 16, 2022. Interest is paid semi-annually in September and March. In June 2015, the Corporation issued $150.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. In November 2014, the Corporation issued $100.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.87% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. As of December 31, 2020, the Parent Company owned all of the common stock of three subsidiary trusts, which have issued TruPS in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The TruPS are redeemable on specified dates, or earlier if certain events arise. The following table provides details of the debentures as of December 31, 2020 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 2.96 % $ 6,186 06/30/34 03/31/21 100.0 Columbia Bancorp Statutory Trust II Variable 2.14 % 4,124 03/15/35 03/15/21 100.0 Columbia Bancorp Statutory Trust III Variable 2.02 % 6,186 06/15/35 03/15/21 100.0 $ 16,496 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 10 – DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the notional amounts and fair values of derivative financial instruments as of December 31: 2020 2019 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 382,903 $ 8,034 $ 132,260 $ 1,123 Negative fair values 3,154 (35) 9,783 (53) Forward Commitments Positive fair values — — 75,000 63 Negative fair values 292,262 (2,263) 180,000 (371) Interest Rate Swaps with Customers Positive fair values 3,834,062 330,951 2,903,489 143,484 Negative fair values 45,640 (2) 376,705 (695) Interest Rate Swaps with Dealer Counterparties Positive fair values 45,640 2 376,705 695 Negative fair values 3,834,062 (165,205) 2,903,489 (75,327) Foreign Exchange Contracts with Customers Positive fair values 1,121 5 3,373 38 Negative fair values 5,963 (275) 7,283 (154) Foreign Exchange Contracts with Correspondent Banks Positive fair values 6,372 318 9,028 192 Negative fair values 1,422 (5) 4,976 (45) The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31: Consolidated Statements of Income Classification 2020 2019 2018 (in thousands) Mortgage banking derivatives (1) Mortgage banking $ 4,974 $ 689 $ (748) Interest rate swaps Other expense 70 122 1 Foreign exchange contracts Other income 12 20 (75) Net fair value gains (losses) on derivative financial instruments $ 5,056 $ 831 $ (822) (1) Includes interest rate locks with customers and forward commitments. Fair Value Option The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31: 2020 2019 (in thousands) Amortized cost (1) $ 80,662 $ 37,396 Fair value 83,886 37,828 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Gains related to changes in fair values of mortgage loans held for sale were $2.8 million for the year ended December 31, 2020, losses related to changes in fair values of mortgage loans held for sale were $260,000 for the year ended December 31, 2019, and gains related to changes in fair values of mortgage loans held for sale were $231,000 for the year ended December 31, 2018. The gains and losses are recorded on the consolidated income statements as an adjustment to mortgage banking income. Balance Sheet Offsetting The fair values of interest rate swap agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets if they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) 2020 Interest rate swap derivative assets $ 330,951 $ (2) $ — $ 330,949 Foreign exchange derivative assets with correspondent banks 318 (5) — 313 Total $ 331,269 $ (7) $ — $ 331,262 Interest rate swap derivative liabilities $ 165,205 $ (2) $ (165,203) $ — Foreign exchange derivative liabilities with correspondent banks 5 (5) — — Total $ 165,210 $ (7) $ (165,203) $ — 2019 Interest rate swap derivative assets $ 144,179 $ (757) $ — $ 143,422 Foreign exchange derivative assets with correspondent banks 192 (45) — 147 Total $ 144,371 $ (802) $ — $ 143,569 Interest rate swap derivative liabilities $ 76,022 $ (757) $ (75,265) $ — Foreign exchange derivative liabilities with correspondent banks 45 (45) — — Total $ 76,067 $ (802) $ (75,265) $ — (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 11 – REGULATORY MATTERS Regulatory Capital Requirements The Corporation and the Bank are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. U.S. Basel III Capital Rules In July 2013, the FRB approved final rules (the "U.S. Basel III Capital Rules") establishing a new comprehensive capital framework for U.S. banking organizations and implementing the Basel Committee on Banking Supervision's December 2010 framework for strengthening international capital standards. The U.S. Basel III Capital Rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions. The minimum regulatory capital requirements established by the U.S. Basel III Capital Rules became effective on January 1, 2015, and became fully phased in on January 1, 2019. The U.S. Basel III Capital Rules require the Corporation and the Bank to: • Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 capital of 6.00% of risk-weighted assets; • Meet a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets; • Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and • Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, are excluded as a component of Tier 1 capital for institutions of the Corporation's size. The U.S. Basel III Capital Rules use a standardized approach for risk weightings that expand the risk-weightings for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures, resulting in higher risk weights for a variety of asset categories. The Corporation and the Bank are required to maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements. The rules provide that the failure to maintain the "capital conservation buffer" results in restrictions on capital distributions and discretionary cash bonus payments to executive officers. As a result, under the U.S. Basel III Capital Rules, if the Bank fails to maintain the required minimum capital conservation buffer, the Corporation will be subject to limits, and possibly prohibitions, on its ability to obtain capital distributions from such subsidiaries. If the Corporation does not receive sufficient cash dividends from the Bank, it may not have sufficient funds to pay dividends on its common stock, service its debt obligations or repurchase its common stock. As of December 31, 2020 and 2019, the Corporation's capital levels met the fully phased-in minimum capital requirements, including the new capital conservation buffers, as prescribed in the U.S. Basel III Capital Rules. As of December 31, 2020 and 2019, the Bank was well capitalized under the regulatory framework for prompt corrective action based on its capital ratio calculation. To be categorized as well capitalized, the bank was required to maintain minimum total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the following table. There are no conditions or events since December 31, 2020, that management believes have changed the institution's categories. The following tables present the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements under the U.S. Basel III Capital Rules, as of December 31: 2020 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,837,801 14.4 % $ 1,571,876 8.0 % N/A N/A Fulton Bank, N.A. 2,758,963 14.1 1,562,322 8.0 $ 1,952,903 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,067,640 10.5 % $ 1,178,907 6.0 % N/A N/A Fulton Bank, N.A 2,529,802 13.0 1,171,742 6.0 $ 1,562,322 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,874,762 9.5 % $ 884,181 4.5 % N/A N/A Fulton Bank, N.A 2,485,802 12.7 878,806 4.5 $ 1,269,387 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 2,067,640 8.2 % $ 1,009,469 4.0 % N/A N/A Fulton Bank, N.A 2,529,802 10.1 1,001,313 4.0 $ 1,251,641 5.0 % N/A – Not applicable as "well capitalized" applies to banks only. 2019 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,179,197 11.8 % $ 1,481,425 8.0 % N/A N/A Fulton Bank, N.A. 2,224,505 12.1 1,473,880 8.0 $ 1,842,350 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 1,111,068 6.0 % N/A N/A Fulton Bank, N.A 2,058,295 11.2 1,105,410 6.0 $ 1,473,880 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 833,301 4.5 % N/A N/A Fulton Bank, N.A 2,014,295 10.9 829,057 4.5 $ 1,197,527 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 1,796,987 8.4 % $ 850,727 4.0 % N/A N/A Fulton Bank, N.A 2,058,295 9.8 844,341 4.0 $ 1,055,426 5.0 % N/A – Not applicable as "well capitalized" applies to banks only. Dividend and Loan Limitations The dividends that may be paid by the Bank to the Parent Company are subject to certain legal and regulatory limitations. The total amount available for payment of dividends by the Bank to the Corporation was approximately $220 million as of December 31, 2020, based on the Bank maintaining enough capital to be considered well capitalized under the U.S. Basel III Capital Rules. Under current regulations, the Bank is limited in the amount it may loan to its affiliates, including the Parent Company. Loans to a single affiliate may not exceed 10%, and the aggregate of loans to all affiliates may not exceed 20% of the Bank's regulatory capital. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES The components of the provision for income taxes are as follows: 2020 2019 2018 (in thousands) Current tax expense: Federal $ 38,396 $ 32,610 $ 35,783 State 7,389 5,204 5,352 45,785 37,814 41,135 Deferred tax (benefit) expense: Federal (18,131) (1,271) (16,841) State (3,460) 1,106 283 (21,591) (165) (16,558) Total income tax expense $ 24,194 $ 37,649 $ 24,577 The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2020 2019 2018 Statutory tax rate 21.0 % 21.0 % 21.0 % Tax credit investments (5.7) (4.6) (6.1) Tax-exempt income (4.9) (3.9) (4.1) Bank owned life insurance (0.7) (0.4) (0.4) State income taxes, net of federal benefit 1.1 0.2 2.0 Change in valuation allowance — 1.8 (0.1) Re-measurement of net DTA due to the Tax Act — — (0.3) Executive compensation — — 0.1 FDIC Premium 0.3 — — Penalties 0.2 — — Other, net 0.7 0.2 (1.6) Effective income tax rate 12.0 % 14.3 % 10.5 % The net DTA recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: 2020 2019 (in thousands) Deferred tax assets: Allowance for credit losses $ 67,059 $ 37,081 Tax credit carryforwards 39,294 43,133 State loss carryforwards 20,401 16,324 Tax credit investments 10,159 6,799 Other accrued expenses 9,801 8,797 Deferred compensation 8,486 7,752 Stock-based compensation 3,289 2,930 Postretirement and defined benefit plans 1,553 599 Other 12,107 4,246 Total gross deferred tax assets 172,149 127,661 Deferred tax liabilities: Equipment lease financing 44,216 42,273 Unrealized holding gains on AFS securities 23,978 4,223 Premises and equipment 8,876 6,282 MSRs 6,414 8,686 Acquisition premiums/discounts 5,466 5,266 Intangible assets 1,205 1,136 Other 15,811 12,387 Total gross deferred tax liabilities 105,966 80,253 Net deferred tax asset, before valuation allowance 66,183 47,408 Valuation allowance (20,401) (16,324) Net deferred tax asset $ 45,782 $ 31,084 In assessing the realizability of DTAs, management considers whether it is more likely than not that some or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and/or capital gain income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, such as those that may be implemented to generate capital gains, in making this assessment. The valuation allowance relates to state net operating loss carryforwards for which realizability is uncertain. As of December 31, 2020 and 2019, the Corporation had state net operating loss carryforwards of approximately $263.6 million and $392.0 million, respectively, which are available to offset future state taxable income, and expire at various dates through 2040. As of December 31, 2020, based on the level of historical taxable income and projections for future taxable income over the periods in which the DTAs are deductible, management believes it is more likely than not that the Corporation will realize the benefits of its DTAs, net of the valuation allowance. As of December 31, 2020, the Corporation had tax credit carryforwards related to TCIs of approximately $39.3 million. The corporation recorded a DTA of $39.3 million, reflecting the benefit of these tax credit carryforwards. Such DTA will begin to expire in 2040 if not yet utilized. Uncertain Tax Positions The following table summarizes the changes in unrecognized tax benefits for the years ended December 31: 2020 2019 2018 (in thousands) Balance at beginning of year $ 2,517 $ 2,726 $ 2,550 Current period tax positions 95 292 593 Lapse of statute of limitations (461) (501) (417) Balance at end of year $ 2,151 $ 2,517 $ 2,726 Virtually all of the Corporation’s unrecognized tax benefits are for positions that are taken on an annual basis on state tax returns. Increases to unrecognized tax benefits will occur as a result of accruing for the nonrecognition of the position for the current year. Decreases will occur as a result of the lapsing of the statute of limitations for the oldest outstanding year which includes the position. These offsetting increases and decreases are likely to continue in the future, including over the next twelve months. While the net effect on total unrecognized tax benefits during this period cannot be reasonably estimated, approximately $513,000 is expected to reverse in 2021 due to lapsing of the statute of limitations. Decreases can also occur throughout the settlement of positions with taxing authorities. As of December 31, 2020, if recognized, all of the Corporation’s unrecognized tax benefits would impact the effective tax rate. Not included in the table above is $468,000 of federal income tax benefit on unrecognized state tax benefits which, if recognized, would also impact the effective tax rate. Interest accrued related to unrecognized tax benefits is recorded as a component of income tax expense. Penalties, if incurred, would also be recognized in income tax expense. The Corporation recognized approximately $(17,000) and $22,000 in 2020 and 2019, respectively, for interest and penalties in income tax expense related to unrecognized tax positions. As of December 31, 2020 and 2019, total accrued interest and penalties related to unrecognized tax positions were approximately $680,000 and $697,000, respectively. The Corporation files income tax returns in the federal and various state jurisdictions. In most cases, unrecognized tax benefits are related to tax years that remain subject to examination by the relevant taxing authorities. With few exceptions, the Corporation is no longer subject to federal, state and local examinations by tax authorities for years before 2017. Tax Credit Investments The TCIs are included in other assets, with any unfunded equity commitments recorded in other liabilities on the consolidated balance sheets. Certain TCIs qualify for the proportional amortization method and are amortized over the period the Corporation expects to receive the tax credits, with the expense included within income taxes on the consolidated statements of income. Other TCIs are accounted for under the equity method of accounting, with amortization included within non-interest expense on the consolidated statements of income. This amortization includes equity in partnership losses and the systematic write-down of investments over the period in which income tax credits are earned. All of the TCIs are evaluated for impairment at the end of each reporting period. The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31: 2020 2019 Included in other assets: ( in thousands) Affordable housing tax credit investments, net $ 152,203 $ 153,351 Other tax credit investments, net 59,224 64,354 Total TCIs, net $ 211,427 $ 217,705 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 31,562 $ 16,684 Other tax credit liabilities 49,491 55,105 Total unfunded tax credit commitments and liabilities $ 81,053 $ 71,789 The following table presents other information relating to the Corporation's TCIs for the years ended December 31: 2020 2019 2018 ( in thousands) Components of income taxes: Affordable housing tax credits and other tax benefits $ (28,777) $ (30,642) $ (30,721) Other tax credit investment credits and tax benefits (4,163) (4,542) (6,385) Amortization of affordable housing investments, net of tax benefit 20,429 22,184 21,569 Deferred tax expense 921 954 1,341 Total reduction in income tax expense $ (11,590) $ (12,046) $ (14,196) Amortization of TCIs: Affordable housing tax credits investment $ 4,087 $ 3,344 $ 3,355 Other tax credit investment amortization 2,039 2,677 8,094 Total amortization of TCIs $ 6,126 $ 6,021 $ 11,449 |
Net Income Per Share Net Income
Net Income Per Share Net Income Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NOTE 13 – NET INCOME PER COMMON SHARE Basic net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding. Diluted net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2020 2019 2018 (in thousands) Weighted average common shares outstanding (basic) 162,372 166,902 175,395 Impact of common stock equivalents 718 890 1,148 Weighted average common shares outstanding (diluted) 163,090 167,792 176,543 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Stockholders' Equity | NOTE 14 – SHAREHOLDERS’ EQUITY Preferred Stock On October 29, 2020, the Corporation issued 8.0 million depositary shares ("Depositary Shares"), each representing a 1/40th interest in a share of Fulton’s 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of which 200,000 are authorized and issued, with a liquidation preference of $1,000 per share (equivalent to $25.00 per Depositary Share), for an aggregate offering amount of $200 million. The preferred stock is redeemable, at the Corporation’s option, in whole or in part, on and after January 15, 2026, and redeemable in whole, but not in part, prior to January 15, 2026 within 90 days following the occurrence of a regulatory capital treatment event. The Corporation received net proceeds from the offering of $192.9 million, after deducting underwriting discounts and commissions and before deducting transaction expenses payable by the Corporation. Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31: Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) 2020 Unrealized gain on securities $ 85,188 $ (19,537) $ 65,651 Reclassification adjustment for securities gains included in net income (1) (3,053) 694 (2,359) Amortization of net unrealized losses on AFS transferred to HTM (2) 4,360 (912) 3,448 Unrecognized pension and postretirement income (3,242) 710 (2,532) Amortization of net unrecognized pension and postretirement items (3) 1,311 (291) 1,020 Total Other Comprehensive Income $ 84,564 $ (19,336) $ 65,228 2019 Unrealized gain on securities $ 73,085 $ (16,166) $ 56,919 Reclassification adjustment for securities gains included in net income (1) (4,733) 1,047 (3,686) Amortization of net unrealized losses on AFS transferred to HTM (2) (4) 8,070 (1,785) 6,285 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (873) 193 (680) Unrecognized pension and postretirement income (1,203) 266 (937) Amortization of net unrecognized pension and postretirement items (3) 1,316 (291) 1,025 Total Other Comprehensive Income $ 75,662 $ (16,736) $ 58,926 2018 Unrealized loss on securities $ (31,235) $ 6,909 $ (24,326) Reclassification adjustment for securities gains included in net income (1) (37) 7 (30) Amortization of net unrealized losses on AFS transferred to HTM (2) 2,694 (596) 2,098 Non-credit related unrealized losses on other-than-temporarily impaired debt securities 285 (63) 222 Unrecognized pension and postretirement income 1,798 (398) 1,400 Amortization of net unrecognized pension and postretirement items (3) 2,116 (468) 1,648 Total Other Comprehensive Loss $ (24,379) $ 5,391 $ (18,988) (1) Amounts reclassified out of AOCI/(loss). Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details. (2) Amounts reclassified out of AOCI/(loss). Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. See "Note 3, - Investment Securities," for additional details. (3) Amounts reclassified out of AOCI/(loss). Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details. (4) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04, as disclosed in "Note 1 - Summary of Significant Accounting Policies" from "Amortization of net unrealized losses on AFS securities transferred to HTM" to "Unrealized gain on securities." The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Cost) Total (in thousands) Balance at December 31, 2017 $ (18,509) $ 458 $ (14,923) $ (32,974) Other comprehensive loss before reclassifications (24,326) 222 1,400 (22,704) Amounts reclassified from accumulated other comprehensive income (loss) (30) — 1,648 1,618 Amortization of net unrealized losses on AFS securities transferred to HTM 2,098 — — 2,098 Reclassification of stranded tax effects (3,887) — (3,214) (7,101) Balance at December 31, 2018 (44,654) 680 (15,089) (59,063) Other comprehensive income before reclassifications 56,919 (680) (937) 55,302 Amounts reclassified from accumulated other comprehensive income (loss) (3,686) — 1,025 (2,661) Amortization of net unrealized losses on AFS securities transferred to HTM 6,285 — — 6,285 Balance at December 31, 2019 14,864 — (15,001) (137) Other comprehensive income before reclassifications 65,651 — (2,532) 63,119 Amounts reclassified from accumulated other comprehensive income (loss) (2,359) — 1,020 (1,339) Amortization of net unrealized losses on AFS securities transferred to HTM 3,448 — — 3,448 Balance at December 30, 2020 $ 81,604 $ — $ (16,513) $ 65,091 Common Stock Repurchase Plans In February 2021, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation is authorized to repurchase up to $75.0 million of its outstanding shares of common stock, or approximately 3.2% of its outstanding shares, through December 31, 2021 . In October 2019, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $100.0 million of its outstanding shares of common stock, or approximately 3.9% of its outstanding shares, through December 31, 2020 . During the first quarter of 2020, 2.9 million shares were repurchased at a total cost of $39.7 million, or $13.65 per share, under this program. The repurchase program was suspended in mid-March in order to preserve liquidity in response to potential unknown economic impacts of the COVID-19 pandemic at that time. In March 2019, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $100.0 million of its outstanding shares of common stock, or approximately 3.5% of its outstanding shares, through December 31, 2019 . During 2019, the Corporation repurchased approximately 6.1 million shares under this program for a total cost of $100.0 million, or $16.28 per share, completing this program. In November 2018, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $75.0 million of its outstanding shares of common stock, or approximately 2.7% of its outstanding shares, through December 31, 2019 . During 2019 and 2018, the Corporation repurchased approximately 706,000 and 4.1 million shares, respectively, under this program for a total cost of $75.0 million, or $15.57 per share, completing this program. Under these repurchase programs, repurchased shares are added to treasury stock, at cost. As permitted by securities laws and other legal requirements, and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | NOTE 15 – STOCK-BASED COMPENSATION PLANS The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: 2020 2019 2018 (in thousands) Compensation expense $ 8,381 $ 7,413 $ 7,965 Tax benefit (1,790) (1,610) (2,625) Total stock-based compensation, net of tax $ 6,591 $ 5,803 $ 5,340 The tax benefits as a percentage of compensation expense, as shown in the preceding table, were 21.4%, 21.7% and 33.0% in 2020, 2019 and 2018, respectively. These percentages differ from the Corporation’s federal statutory tax rate of 21%. Tax benefits are only recognized over the vesting period for awards that ordinarily will generate a tax deduction when exercised, in the case of non-qualified stock options, or upon vesting, in the case of restricted stock, RSUs, and PSUs. Tax benefits in excess of the tax rate resulted from incentive stock option exercises that triggered a tax deduction when they were exercised, and excess tax benefits realized on vesting RSUs and PSUs during the period. The following table provides information about stock option activity for the year ended December 31, 2020: Stock Weighted Weighted Aggregate Outstanding and exercisable as of December 31, 2019 500,260 $ 11.12 Exercised (89,725) 9.99 Forfeited (1,047) 12.25 Expired (11,181) 10.27 Outstanding and exercisable as of December 31, 2020 398,307 $ 11.39 1.9 years $ 0.5 The following table presents information about stock options exercised: 2020 2019 2018 (dollars in thousands) Number of options exercised 89,725 150,296 214,845 Total intrinsic value of options exercised $ 192 $ 1,028 $ 1,616 Cash received from options exercised $ 880 $ 1,446 $ 2,210 Tax benefit from options exercised $ 37 $ 188 $ 291 Upon exercise, the Corporation issues shares from its authorized, but unissued, common stock to satisfy the options. The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2020: Restricted Stock/RSUs/PSUs (1) Shares Weighted Nonvested as of December 31, 2019 1,425,021 $ 16.39 Granted 911,367 11.82 Vested (357,838) 17.88 Forfeited (81,170) 13.74 Nonvested as of December 31, 2020 1,897,380 $ 14.07 (1) There were no nonvested stock options at December 31, 2020 or 2019. As of December 31, 2020, there was $11.1 million of total unrecognized compensation cost (pre-tax) related to restricted stock, RSUs and PSUs that will be recognized as compensation expense over a weighted average period of 1.9 years. As of December 31, 2020, the Employee Equity Plan had 9.3 million shares reserved for future grants through 2023, and the Directors’ Plan had 180,000 shares reserved for future grants through 2021. The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2020 2019 2018 Risk-free interest rate 0.25 % 2.27 % 2.63 % Volatility of Corporation’s stock 33.10 % 23.00 % 23.50 % Expected life of PSUs 3 years 3 years 3 years The expected life of the PSUs with fair values measured using the Monte Carlo valuation methodology was based on the defined performance period of three years. Volatility of the Corporation’s stock was based on historical volatility for the period commensurate with the expected life of the PSUs. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the date of the grant. Based on the assumptions above, the Corporation calculated an estimated fair value per PSU with market-based performance conditions granted in 2020, 2019 and 2018 of $10.16, $16.83 and $12.92, respectively. Under the ESPP, eligible employees can purchase stock of the Corporation at 85% of the fair market value of the stock on the date of purchase. The ESPP is considered to be a compensatory plan and, as such, compensation expense is recognized for the 15% discount on shares purchased. The following table summarizes activity under the ESPP: 2020 2019 2018 ESPP shares purchased 194,485 136,576 110,200 Average purchase price per share (85% of market value) $ 10.02 $ 14.03 $ 14.74 Compensation expense recognized (in thousands) $ 344 $ 338 $ 287 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 16 – EMPLOYEE BENEFIT PLANS The following summarizes retirement plan expense for the years ended December 31: 2020 2019 2018 (in thousands) 401(k) Retirement Plan $ 9,853 $ 8,976 $ 8,482 Pension Plan 660 2,484 3,435 Total $ 10,513 $ 11,460 $ 11,917 The 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. Employee and employer contributions under these features are 100% vested. Contributions to the Defined Benefit Pension Plan ("Pension Plan") are actuarially determined and funded annually, if necessary. The Corporation recognizes the funded status of its Pension Plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. The Pension Plan has been curtailed, with no additional benefits accruing to participants. Pension Plan The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: 2020 2019 2018 (in thousands) Interest cost $ 2,726 $ 3,257 $ 3,053 Expected return on assets (3,925) (2,754) (2,047) Net amortization and deferral 1,859 1,981 2,429 Net periodic pension cost $ 660 $ 2,484 $ 3,435 The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31: 2020 2019 (in thousands) Projected benefit obligation at beginning of year $ 86,204 $ 79,426 Interest cost 2,726 3,257 Benefit payments (4,104) (4,114) Change in assumptions 7,532 8,259 Experience gain (66) (624) Projected benefit obligation at end of year $ 92,292 $ 86,204 Fair value of plan assets at beginning of year $ 83,676 $ 57,825 Employer contributions (1) — 20,755 Actual return on plan assets 7,605 9,210 Benefit payments (4,104) (4,114) Fair value of plan assets at end of year $ 87,177 $ 83,676 (1) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $20.8 million to the Pension Plan during 2019. The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31: 2020 2019 (in thousands) Projected benefit obligation $ (92,292) $ (86,204) Fair value of plan assets 87,177 83,676 Funded status $ (5,115) $ (2,528) The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss): Unrecognized Net Loss Before tax Net of tax (in thousands) Balance as of December 31, 2018 $ 24,347 $ 18,961 Recognized as a component of 2019 periodic pension cost (1,981) (1,543) Unrecognized gains arising in 2019 1,180 919 Balance as of December 31, 2019 23,546 18,337 Recognized as a component of 2020 periodic pension cost (1,859) (1,452) Unrecognized losses arising in 2020 3,787 2,958 Balance as of December 31, 2020 $ 25,474 $ 19,843 The total amount of unrecognized net loss that will be amortized as a component of net periodic pension cost in 2021 is expected to be $2.3 million. The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31: 2020 2019 2018 Discount rate-projected benefit obligation 2.50 % 3.25 % 4.25 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.00 % The discount rates used were determined using the Citigroup Average Life discount rate table, as adjusted based on the Pension Plan's expected benefit payments and rounded to the nearest 0.25%. The 5.00% long-term rate of return on plan assets used to calculate the net periodic pension cost was based on historical returns, adjusted for expectations of long-term asset returns based on the December 31, 2020 weighted average asset allocations. The expected long-term return is considered to be appropriate based on the asset mix and the historical returns realized. The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31: 2020 2019 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 37,847 $ 26,377 Equity common trust funds 12,450 11,810 Equity securities 50,297 57.7 % 38,187 45.6 % Cash and money market funds 9,444 21,182 Fixed income mutual funds 16,134 14,370 Corporate debt securities 3,319 3,124 U.S. Government agency securities 6,257 3,078 Fixed income securities and cash 35,154 40.3 % 41,754 49.9 % Other alternative investment funds 1,726 2.0 % 3,735 4.5 % Total $ 87,177 100.0 % $ 83,676 100.0 % Investment allocation decisions are made by a retirement plan committee. The goal of the investment allocation strategy is to match certain benefit obligations with maturities of fixed income securities. Alternative investments may include managed futures, commodities, real estate investment trusts, master limited partnerships, and long-short strategies with traditional stocks and bonds. All alternative investments are in the form of mutual funds, not individual contracts, to enable daily liquidity. The fair values for assets held by the Pension Plan are based on quoted prices for identical instruments and would be categorized as Level 1 assets under the fair value hierarchy. Estimated future benefit payments are as follows (in thousands): Year 2021 $ 4,399 2022 4,452 2023 4,565 2024 4,652 2025 4,724 Thereafter 24,461 Total $ 47,253 Postretirement Benefits The Corporation provides medical benefits and life insurance benefits under a postretirement benefits plan ("Postretirement Plan") to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998. Prior to February 1, 2014, certain full-time employees became eligible for these discretionary benefits if they reached retirement age while working for the Corporation. The Corporation recognizes the funded status of the postretirement plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. The components of the net benefit for Postretirement Plan other than pensions are as follows: 2020 2019 2018 (in thousands) Interest cost $ 43 $ 61 $ 57 Net amortization and deferral (548) (556) (559) Net postretirement benefit $ (505) $ (495) $ (502) This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31: 2020 2019 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 1,450 $ 1,520 Interest cost 43 61 Benefit payments (177) (187) Change in experience (32) 17 Change in assumptions 38 39 Accumulated postretirement benefit obligation at end of year $ 1,322 $ 1,450 The fair values of the plan assets were $0 as of both December 31, 2020 and 2019. The funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31, 2020 and 2019 was $1.3 million and $1.5 million, respectively. The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss): Before tax Unrecognized Unrecognized Total Net of tax (in thousands) Balance as of December 31, 2018 $ (3,940) $ (1,096) $ (5,036) $ (3,928) Recognized as a component of 2019 postretirement cost 464 92 556 433 Unrecognized gains arising in 2019 — 56 56 44 Balance as of December 31, 2019 (3,476) (948) (4,424) (3,451) Recognized as a component of 2020 postretirement cost 464 84 548 428 Unrecognized gains arising in 2020 — 6 6 5 Balance as of December 31, 2020 $ (3,012) $ (858) $ (3,870) $ (3,018) The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: 2020 2019 2018 Discount rate-projected benefit obligation 2.50 % 3.25 % 4.25 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % The discount rates used to calculate the accumulated postretirement benefit obligation were determined using the Citigroup Average Life discount rate table, as adjusted based on the Postretirement Plan's expected benefit payments and rounded to the nearest 0.25%. Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): Year 2021 $ 161 2022 149 2023 138 2024 126 2025 115 Thereafter 426 Total $ 1,115 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 17 – LEASES The Corporation has operating leases for certain financial centers, corporate offices and land. The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (in thousands): 2020 2019 Operating lease expense $ 18,481 $ 18,852 Variable lease expense 2,830 2,924 Sublease income (749) (791) Total lease expense $ 20,562 $ 20,985 Supplemental consolidated balance sheet information related to leases was as follows as of December 31 (dollars in thousands): Operating Leases Balance Sheet Classification 2020 2019 ROU assets Other assets $ 84,227 $ 102,779 Lease liabilities Other liabilities $ 96,812 $ 109,608 Weighted average remaining lease term 7.5 years 8.1 years Weighted average discount rate 2.96 % 3.05 % The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term, as of January 1, 2019, for leases that existed at adoption and as of the lease commencement or modification date for leases subsequently entered into. Supplemental cash flow information related to operating leases was as follows (in thousands): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 18,973 $ 18,563 ROU assets obtained in exchange for lease obligations 2,931 117,496 Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases 2021 $ 18,973 2022 18,131 2023 16,999 2024 14,852 2025 13,157 Thereafter 44,627 Total lease payments 126,739 Less: imputed interest (29,927) Present value of lease liabilities $ 96,812 As of December 31, 2020, the Corporation had not entered into any material leases that have not yet commenced. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 18 – COMMITMENTS AND CONTINGENCIES Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, equipment and income producing commercial properties. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a customer to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for customers. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistently with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments. The Corporation records a reserve for unfunded commitments, included in other liabilities on the consolidated balance sheets, which represents management’s estimate of losses inherent in commitments to extend credit and letters of credit. See "Note 4 - Allowance for Credit Losses and Asset Quality," for additional information. The following table presents the Corporation’s commitments to extend credit and letters of credit: 2020 2019 (in thousands) Commercial and industrial $ 5,245,041 $ 3,997,401 Real estate - commercial mortgage and real estate - construction 1,787,963 1,168,624 Real estate - home equity 1,618,051 1,523,494 Total commitments to extend credit $ 8,651,055 $ 6,689,519 Standby letters of credit $ 298,750 $ 303,020 Commercial letters of credit 56,229 50,432 Total letters of credit $ 354,979 $ 353,452 Residential Lending The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans, or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements. The Corporation maintains a reserve for estimated credit losses related to loans sold to investors. As of December 31, 2020 and 2019, the total reserve for losses on residential mortgage loans sold was $1.1 million and $3.2 million, respectively, including reserves for both representation and warranty and credit loss exposures. With the adoption of CECL on January 1, 2020 the reserve for estimated losses on certain residential mortgage loans sold to investors was reclassified to ACL - OBS credit exposures. The reclassification resulted in a $2.1 million increase to the ACL - OBS credit exposures and a corresponding decrease to the reserve for estimated losses related to loans sold to investors in the first quarter of 2020. Legal Proceedings The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established. In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation’s practice is to cooperate fully with regulatory and governmental inquiries and investigations. As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, which may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation’s results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation’s business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation’s results of operations in any future period. Kress v. Fulton Bank, N.A. On October 15, 2019, a former Fulton Bank teller supervisor, D. Kress filed a putative collective and class action lawsuit on behalf of herself and other teller supervisors, tellers, and other similar non-exempt employees in the U.S. District Court for the District of New Jersey, D. Kress v. Fulton Bank, N.A. , Case No. 1:19-cv-18985. Fulton Bank accepted summons without a formal service of process on January 20, 2020. The lawsuit alleges that Fulton Bank did not record or otherwise account for the amount of time D. Kress and putative collective and class members spent conducting branch opening security procedures. The allegation is that, as a result, Fulton Bank did not properly compensate those employees for their regular and overtime wages. The lawsuit alleges that by doing so, Fulton violated: (i) the federal Fair Labor Standards Act and seeks back overtime wages for a period of three years, liquidated damages and attorney fees and costs; (ii) the New Jersey State Wage and Hour Law and seeks back overtime wages for a period of six years, treble damages and attorney fees and costs; and (iii) the New Jersey Wage Payment Law and seeks back wages for a period of six years, treble damages and attorney fees and costs. The lawsuit also asserts New Jersey common law claims seeking compensatory damages and interest. The Corporation and counsel representing plaintiffs ("Plaintiffs’ Counsel") have reached and executed a formal Settlement Agreement to resolve this lawsuit. Plaintiffs’ Counsel has filed a Motion for Preliminary Approval of Class and Collective Settlement and Provisional Certification of Settlement Class and Collective ("the Motion") with the U.S. District Court for the District of New Jersey ("the Court"). The Corporation is not able to provide any assurance that the Court will grant the Motion. If the Court does grant the Motion, the |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19 – FAIR VALUE MEASUREMENTS The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: 2020 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 83,886 $ — $ 83,886 Available for sale investment securities: State and municipal securities — 952,613 — 952,613 Corporate debt securities — 367,145 — 367,145 Collateralized mortgage obligations — 503,766 — 503,766 Residential mortgage-backed securities — 377,998 — 377,998 Commercial mortgage-backed securities — 762,415 — 762,415 Auction rate securities — — 98,206 98,206 Total available for sale investment securities — 2,963,937 98,206 3,062,143 Other assets: Investments held in Rabbi Trust 24,383 — — 24,383 Derivative assets 323 338,987 — 339,310 Total assets $ 24,706 $ 3,386,810 $ 98,206 $ 3,509,722 Other liabilities: Deferred compensation liabilities $ 24,383 $ — $ — $ 24,383 Derivative liabilities 280 167,505 — 167,785 Total liabilities $ 24,663 $ 167,505 $ — $ 192,168 2019 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 37,828 $ — $ 37,828 Available for sale investment securities: State and municipal securities — 652,927 — 652,927 Corporate debt securities — 374,957 2,400 377,357 Collateralized mortgage obligations — 693,718 — 693,718 Residential mortgage-backed securities — 177,312 — 177,312 Commercial mortgage-backed securities — 494,297 — 494,297 Auction rate securities — — 101,926 101,926 Total available for sale investment securities — 2,393,211 104,326 2,497,537 Other assets: Investments held in Rabbi Trust 22,213 — — 22,213 Derivative assets 230 145,365 — 145,595 Total assets $ 22,443 $ 2,576,404 $ 104,326 $ 2,703,173 Other liabilities: Deferred compensation liabilities $ 22,213 $ — $ — $ 22,213 Derivative liabilities 199 76,447 — 76,646 Total liabilities $ 22,412 $ 76,447 $ — $ 98,859 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of December 31, 2020 and 2019, were measured as the price that secondary market investors were offering for loans with similar characteristics. See "Note 1 - Summary of Significant Accounting Policies" for details related to the Corporation’s election to measure assets and liabilities at fair value. Available for sale investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. • State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above. • Corporate debt securities – This category consists of subordinated and senior debt issued by financial institutions ($362.8 million at December 31, 2020 and $362.3 million at December 31, 2019), single-issuer trust preferred securities issued by financial institutions ($0.0 million at December 31, 2020 and $11.2 million at December 31, 2019), and other corporate debt issued by non-financial institutions ($4.4 million at December 31, 2020 and $3.9 million at December 31, 2019). As noted in "Note 3 - Investment Securities", several corporate debt securities were sold during 2020. Refer to the specific note for further information. Level 2 investments include subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $0.0 million and $8.8 million of single-issuer trust preferred securities held at December 31, 2020 and 2019, respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Level 3 investments include the Corporation's investments certain single-issuer TruPS ($0.0 million at December 31, 2020 and $2.4 million December 31, 2019). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. • Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investments and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime within the next 5 years. If the assumed return to market liquidity was lengthened beyond the next 5 years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. Investments held in Rabbi Trust - This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represents quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1. Derivative assets - Fair value of foreign currency exchange contracts classified as Level 1 assets ($323,000 at December 31, 2020 and $230,000 at December 31, 2019). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($8.0 million at December 31, 2020 and $1.2 million at December 31, 2019) and the fair value of interest rate swaps ($331.0 million at December 31, 2020 and $144.2 million at December 31, 2019). The fair values of the interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 10 - Derivative Financial Instruments," for additional information. Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above. Derivative liabilities - Level 1 liabilities, representing the fair value of foreign currency exchange contracts ($280,000 at December 31, 2020 and $199,000 at December 31, 2019). Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($2.3 million at December 31, 2020 and $424,000 at December 31, 2019) and the fair value of interest rate swaps ($165.2 million at December 31, 2020 and $76.0 million at December 31, 2019). The fair values of these liabilities are determined in the same manner as the related assets, which are described under the heading "Derivative assets" above. The following table presents the changes in AFS investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31: Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770) — — Unrealized adjustment to fair value (1) (105) (4) (1,068) Discount accretion (2) — 4 — Balance at December 31, 2019 $ — $ 2,400 $ 101,926 Sales — (2,160) — Unrealized adjustment to fair value (1) — (242) (3,720) Discount accretion (2) — 2 — Balance at December 31, 2020 $ — $ — $ 98,206 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as AFS investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "AFS at estimated fair value" on the consolidated balance sheets. (2) Included as a component of "net interest income" on the consolidated statements of income. Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis: 2020 2019 (in thousands) Loans, net $ 116,584 $ 144,807 OREO 4,178 6,831 MSRs (1) 28,245 45,193 Total assets $ 149,007 $ 196,831 (1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. See "Note 7 - Mortgage Servicing Rights" for additional information. The valuation techniques used to measure fair value for the items in the table above are as follows: • Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. In 2020, the amount shown is the balance of nonaccrual loans, net of the related ACL. In 2019, the amount shown is the balance of impaired loans, net of the related ACL See "Note 4 - Allowance for Credit Losses and Asset Quality," for additional details. • OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. • MSRs - This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified by product type and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the December 31, 2020, valuation were 19.5% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 7 - Mortgage Servicing Rights," for additional information. Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below: Significant Input Scenario Shock % Change in Valuation Prepayment Rate + 30% (22)% Prepayment Rate - 30% 20% Discount Rate - 200 bps (5)% Discount Rate + 200 bps 7% In 2008, the Corporation received Class B restricted shares of Visa, Inc. ("Visa") as part of Visa’s initial public offering. These securities are considered equity securities without readily determinable fair values. As such, the approximately 133,000 Visa Class B shares owned as of December 31, 2020 were carried at a zero cost basis. The following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2020 and 2019. A general description of the methods and assumptions used to estimate such fair values is also provided. 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (in thousands) Cash and cash equivalents $ 1,847,832 $ 1,847,832 $ — $ — $ 1,847,832 FRB and FHLB stock 92,129 — 92,129 — 92,129 Loans held for sale 83,886 — 83,886 — 83,886 HTM securities 278,281 — 296,857 — 296,857 AFS securities 3,062,143 — 2,963,937 98,206 3,062,143 Net Loans 18,623,253 — — 18,354,532 18,354,532 Accrued interest receivable 72,942 72,942 — — 72,942 Other assets 650,425 279,015 338,987 32,423 650,425 FINANCIAL LIABILITIES Demand and savings deposits $ 18,279,358 $ 18,279,358 $ — $ — $ 18,279,358 Brokered deposits 335,185 295,185 41,206 — 336,391 Time deposits 2,224,664 — 2,246,457 — 2,246,457 Accrued interest payable 10,365 10,365 — — 10,365 Short-term borrowings 630,066 630,066 — — 630,066 Long-term borrowings 1,296,263 — 1,332,041 — 1,332,041 Other liabilities 338,747 156,869 167,505 14,373 338,747 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (in thousands) Cash and cash equivalents $ 517,791 $ 517,791 $ — $ — $ 517,791 FRB and FHLB stock 97,422 — 97,422 — 97,422 Loans held for sale 37,828 — 37,828 — 37,828 HTM securities 369,841 — 383,705 — 383,705 AFS securities 2,497,537 — 2,393,211 104,326 2,497,537 Net Loans 16,673,904 — — 16,485,122 16,485,122 Accrued interest receivable 60,898 60,898 — — 60,898 Other assets 431,565 234,176 145,365 52,024 431,565 FINANCIAL LIABILITIES Demand and savings deposits $ 14,327,453 $ 14,327,453 $ — $ — $ 14,327,453 Brokered deposits 264,531 224,531 40,549 — 265,080 Time deposits 2,801,930 — 2,828,988 — 2,828,988 Accrued interest payable 8,834 8,834 — — 8,834 Short-term borrowings 883,241 883,241 — — 883,241 Long-term borrowings 881,769 — 878,385 — 878,385 Other liabilities 221,542 142,508 76,447 2,587 221,542 Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term: Assets Liabilities Cash and cash equivalents Demand and savings deposits Accrued interest receivable Short-term borrowings Accrued interest payable FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value. As of December 31, 2020, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices. Brokered deposits consists of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits are determined in a manner consistent with the respective type of deposits discussed above. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements - Parent Company Only | NOTE 20 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY CONDENSED BALANCE SHEETS December 31, 2020 2019 (in thousands) ASSETS Cash and cash equivalents $ 10,063 $ 10,841 Other assets 28,940 1,087 Receivable from subsidiaries 53,438 78,025 Investments in: Bank subsidiary 3,045,529 2,555,448 Non-bank subsidiaries 313,003 419,145 Total Assets $ 3,450,973 $ 3,064,546 LIABILITIES AND EQUITY Long-term borrowings $ 759,782 $ 387,756 Payable to non-bank subsidiaries — 276,768 Other liabilities 74,363 57,846 Total Liabilities 834,145 722,370 Shareholders’ equity 2,616,828 2,342,176 Total Liabilities and Shareholders’ Equity $ 3,450,973 $ 3,064,546 CONDENSED STATEMENTS OF INCOME 2020 2019 2018 (in thousands) Income: Dividends from subsidiaries $ 161,000 $ 209,000 $ 150,000 Other (1) 100 191,978 188,165 161,100 400,978 338,165 Expenses 48,634 218,837 210,333 Income before income taxes and equity in undistributed net income of subsidiaries 112,466 182,141 127,832 Income tax benefit (9,679) (5,798) (7,100) 122,145 187,939 134,932 Equity in undistributed net income (loss) of: Bank subsidiary 162,037 44,926 74,631 Non-bank subsidiaries (106,142) (6,526) (1,170) Net Income 178,040 226,339 208,393 Preferred stock dividends (2,135) — — Net Income Available to Common Shareholders $ 175,905 $ 226,339 $ 208,393 (1) Consists primarily of management fees received from subsidiary banks in 2019 and 2018. CONDENSED STATEMENTS OF CASH FLOWS 2020 2019 2018 (in thousands) Cash Flows From Operating Activities: Net Income $ 178,040 $ 226,339 $ 208,393 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 1,128 842 813 Stock-based compensation 7,529 7,413 7,967 (Increase) decrease in other assets (307,976) (20,449) 6,327 Equity in undistributed net income of subsidiaries (55,895) (38,400) (73,460) (Decrease) increase in other liabilities and payable to non-bank subsidiaries (244,598) 1,580 36,273 Total adjustments (599,812) (49,014) (22,080) Net cash provided by operating activities (421,772) 177,325 186,313 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term borrowings (19,453) — — Additions to long-term borrowings 370,898 — — Net proceeds from issuance of preferred stock 192,878 — — Net proceeds from issuance of common stock 7,375 6,362 6,733 Dividends paid (90,956) (92,330) (89,654) Acquisition of treasury stock (39,748) (111,457) (95,308) Net cash used in financing activities 420,994 (197,425) (178,229) Net (Decrease) Increase in Cash and Cash Equivalents (778) (20,100) 8,084 Cash and Cash Equivalents at Beginning of Year 10,841 30,941 22,857 Cash and Cash Equivalents at End of Year $ 10,063 $ 10,841 $ 30,941 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | Business: Fulton Financial Corporation (the Parent Company) is a financial holding company which provides a full range of banking and financial services to businesses and consumers through its wholly owned banking subsidiary, Fulton Bank, N.A. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation’s primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory agencies. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets, and the Corporation is not dependent upon any single customer or industry. In 2018, the Corporation had three banking subsidiaries. During 2019, the Corporation consolidated two wholly owned banking subsidiaries into its lead bank, Fulton Bank. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with GAAP and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the SEC. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consists of cash and due from banks and interest bearing deposits with other banks, which includes restricted cash. Restricted cash comprises cash balances required to be maintained with the FRB, based on customer transaction deposit account levels, and cash balances provided as collateral on derivative contracts and other contracts. See Note 2, "Restrictions on Cash and Cash Equivalents" for additional information. |
FRB and Federal Home Loan Bank (FHLB) Stock | FRB and FHLB Stock: |
Investments | Investments: Debt securities are classified as HTM at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities; however, since the investment portfolio serves as a source of liquidity, most debt securities are classified as AFS. AFS securities are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. The Corporation early adopted ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivative and Hedging, and Topic 825, Financial Instruments," in the third quarter of 2019, which permitted the one-time reclassification of certain HTM securities to AFS under Topic 815, specific to the transition guidance of ASU update 2017-12, which the Corporation adopted on January 1, 2019. See “Note 3 - Investment Securities” for additional information on this reclassification. The portion of this standards update related to codification improvements specific to Topic 326 was implemented with the Corporation’s adoption of ASU 2016-13 in the first quarter of 2020. Additional codification improvements to Topic 825, specifically ASU 2016-01, which the Corporation adopted as of January 1, 2018, did not have an impact on the Corporation's consolidated financial statements. |
HTM and AFS Debt Securities | HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of December 31, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities. AFS Debt Securities : The ACL approach for AFS debt securities differs from the approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Under CECL, the concept of OTTI has been eliminated, and credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. In evaluating credit losses on AFS debt securities, management considers factors such as delinquency, guarantees and whether the securities are rated higher than investment grade. As of December 31, 2020, no AFS debt securities required an ACL. |
Fair Value Option | Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. |
Loans | Loans : Loans are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans deemed to be a loss are written off through a charge against the ACL. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL. Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking. Loan origination fees and the related direct origination costs for loans originated under the PPP loan program are amortized on a straight-line basis over the repayment period of the loan. To the extent that a PPP loan is forgiven, the unamortized fees and costs will be recognized as interest income at the time of forgiveness. Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. On March 27, 2020, the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19, the modified loan was not more than 30 days past due on December 31, 2019 and the modification was executed between March 1, 2020 and the earlier of (a) 60 days after the date of the COVID-19 national emergency comes to an end or (b) December 31, 2020. The Corporation is applying the option under the CARES act for all loan modifications that qualify. On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020. |
New Accounting Pronouncements and Recently Issued Accounting Standards | Allowance for Credit Losses: CECL Adoption On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaced the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, and net investments in leases recognized by a lessor in accordance with ASC Topic 842. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology, ASC 310-10 and ASC 450-20. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and DTAs increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. Loans Evaluated Collectively : Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a probability of default (PD) and loss given default (LGD) to the exposure at default (EAD) at the loan level. In order to determine the PD, LGD, and EAD calculation inputs: • Loans are aggregated into pools based on similar risk characteristics. • The PD and LGD rates are determined by historical credit loss experience for each pool of loans. • The loan segment PD rates are estimated using six econometric regression models that use the Corporation’s historical credit loss experience and incorporate reasonable and supportable economic forecasts for various macroeconomic variables that are statistically correlated with expected loss behavior in the loan segment. • The reasonable and supportable forecast for each macroeconomic variable is sourced from an external third party and is applied over the contractual term of the Corporation’s loan portfolio. The Corporation’s economic forecast considers the general health of the economy, the interest rate environment, real estate pricing and market risk. • A single baseline forecast scenario is used for each macroeconomic variable. • The loan segment lifetime LGD rates are estimated using a loss rate approach based on the Corporation’s historical charge-off experience and the balance at the time of loan default. • The LGD rates are adjusted for the Corporation’s recovery experience. • To calculate the EAD, the corporation estimates contractual cash flows over the remaining life of each loan. Certain cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a prepayment rate is used in determining the EAD estimate. Loans Evaluated Individually : Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations of the ACL assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable but, are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. Other Recently Adopted Accounting Standards On January 1, 2020, the Corporation adopted ASC Update 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. On January 1, 2020, the Corporation adopted ASC Update 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements In March 2020, the Corporation adopted ASC Update 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standards update provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, specific to those using LIBOR or another reference rate expected to be discontinued due to this reform. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards: Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted. First Quarter 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. ASC Update 2019-12 Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. It also improves consistent application of, and simplifies GAAP for, other areas of Topic 740 by clarifying and amending existing guidance. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted. First Quarter 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q and does not expect the adoption of this update to have a material impact on its consolidated financial statements. |
ACL Methodology before CECL Adoption | ACL Methodology Before CECL Adoption For the years ended December 31, 2019 and prior, the ACL consists of the ACL for loans and unfunded commitments. The ACL represents management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to loans. The ACL for unfunded commitments represents management’s estimate of incurred losses in its unfunded loan commitments and other off-balance sheet credit exposures, such as letters of credit, and is recorded in other liabilities on the consolidated balance sheets. The ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The Corporation’s ACL for loans includes: 1) specific allowances allocated to loans evaluated for impairment under the ASC Section 310-10-35; and 2) allowances calculated for pools of loans evaluated for impairment under ASC Subtopic 450-20. A loan is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. All loans not evaluated for impairment under ASC Section 310-10-35 are evaluated for impairment under ASC Subtopic 450-20, using a pooled loss evaluation approach. Loans are segmented into pools with similar characteristics and a consistently developed loss factor is then applied to all loans in these pools. The Corporation calculates allowance for loan loss allocation needs for loans evaluated under ASC Subtopic 450-20 through the following procedures: The loans are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and equipment lease financing are further segmented into separate pools based on delinquency status; • A loss rate is calculated for each pool through an analysis of historical losses as loans migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss rate forecast; • The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends; and • The resulting adjusted loss rate is applied to the balance of the loans in the pool to arrive at the allowance allocation for the pool. The allocation of the ACL for loans is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. |
Premises and Equipment | Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. |
Other Real Estate Owned | OREO: Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in other non-interest expense on the consolidated statements of income. |
Mortgage Servicing Rights | MSRs: The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to mortgage servicing income, included as a component of mortgage banking income on the consolidated statements of income, over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs |
Derivative Financial Instruments | Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate and foreign exchange risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair value recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. The Bank is required to clear all eligible interest rate swap contracts with a central counterparty as it is subject to the regulations of the Commodity Futures Trading Commission. Foreign Exchange Contracts |
Balance Sheet Offsetting | Balance Sheet Offsetting: Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swaps with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swaps in the event of default. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared through a daily clearing agent. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheets are not equal and offsetting. The Corporation is also a party to foreign exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, |
Income Taxes | Income Taxes: The Corporation utilizes the asset and liability method in accounting for income taxes. Under this method, DTAs and deferred tax liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, DTAs and deferred tax liabilities are adjusted through the provision for income taxes. In assessing the realizability of DTAs, management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. A valuation allowance is provided against DTAs unless it is more likely than not that such DTAs will be realized. ASC Topic 740, "Income Taxes" creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The liability for unrecognized tax benefits is included in other liabilities within the consolidated balance sheets. |
Stock-Based Compensation | Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, RSUs and PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation’s ESPP. The Corporation also grants equity awards to non-employee members of its board of directors and subsidiary bank board of directors under the 2011 Directors’ Equity Participation Plan, which was amended and approved by shareholders as the Directors’ Plan in 2019. Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and become fully vested after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Restricted stock, RSUs and PSUs earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of stock options, restricted stock and RSUs granted to employees or directors is recognized as compensation expense over the vesting period for such awards. Compensation expense for PSUs is also recognized over the vesting period, however, compensation expense for PSUs may vary based on the expectations for actual performance relative to defined performance measures. |
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information: The Corporation does not have any operating segments which require disclosure of additional information. |
Financial Guarantees | Financial Guarantees : Financial guarantees, which consist primarily of standby and commercial letters of credit, are accounted for by recognizing a liability equal to the fair value of the guarantees and crediting the liability to income over the term of the guarantee. Fair value is estimated based on the fees currently charged to enter into similar agreements with similar terms. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets : The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires that all assets acquired and liabilities assumed, including certain intangible assets that must be recognized, be recorded at their estimated fair values as of the acquisition date. Any purchase price exceeding the fair value of net assets acquired is recorded as goodwill. In 2019, the Corporation adopted ASU 2017-04 "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" which did not have a material impact on the Corporation's consolidated financial statements. Goodwill is not amortized to expense, but is tested for impairment at least annually. Write-downs of the balance, if necessary as a result of the impairment test, are charged to expense in the period in which goodwill is determined to be impaired. The Corporation performs its annual test of goodwill impairment as of October 31st of each year. If certain events occur which indicate goodwill might be impaired between annual tests, goodwill would be tested when such events occur. |
Variable Interest Entities | Variable Interest Entities ("VIEs") : ASC Topic 810 provides guidance on when to consolidate certain VIEs in the financial statements of the Corporation. VIEs are entities in which equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance activities without additional financial support from other parties. VIEs are assessed for consolidation under ASC Topic 810 when the Corporation holds variable interests in these entities. The Corporation consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Subsidiary Trusts The Parent Company owns all of the common stock of three subsidiary trusts, which have issued securities (TruPS) in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The terms of the junior subordinated deferrable interest debentures are the same as the terms of the TruPS. The Parent Company’s obligations under the debentures constitute a full and unconditional guarantee by the Parent Company of the obligations of the trusts. The provisions of ASC Topic 810 related to subsidiary trusts, as interpreted by the SEC, disallow consolidation of subsidiary trusts in the financial statements of the Corporation. As a result, TruPS are not included on the Corporation’s consolidated balance sheets. The junior subordinated debentures issued by the Parent Company to the subsidiary trusts, which have the same total balance and rate as the combined equity securities and TruPS issued by the subsidiary trusts, remain in long-term borrowings. See "Note 9 - Short-Term and Long-Term Borrowings," for additional information. Tax Credit Investments The Corporation makes investments in certain community development projects, the majority of which, generate tax credits under various federal programs, including qualified affordable housing projects, new market tax credits ("NMTC") projects and historic rehabilitation projects (collectively, TCIs). These investments are made throughout the Corporation's market area as a means of supporting the communities it serves. The Corporation typically acts as a limited partner or member of a limited liability company in its TCIs and does not exert control over the operating or financial policies of the partnership or limited liability company. Tax credits earned are subject to recapture by federal taxing authorities based upon compliance requirements to be met at the project level. |
Fair Value Measurements | Fair Value Measurements: Assets and liabilities are categorized in a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 - Inputs that represent quoted prices for identical instruments in active markets. • Level 2 - Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also included are valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. |
Revenue Recognition | Revenue Recognition: The Corporation adopted ASC Update 2014-09, "Revenue from Contracts with Customers" using the modified retrospective method applied to all open contracts as of January 1, 2018 with no material impact on its consolidated financial statements. This update established a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The sources of revenue for the Corporation are interest income from loans, leases and investments and non-interest income. Non-interest income is earned from various banking and financial services that the Corporation offers through its subsidiaries. Revenue is recognized as earned based on contractual terms, as transactions occur, or as services are provided. Following is further detail of the various types of revenue the Corporation earns and when it is recognized: Interest income : Interest income is recognized on an accrual basis according to loan and lease agreements, investment securities contracts or other such written contracts. Wealth management services: Consists of income from trust commissions, brokerage, money market and insurance commissions. Trust commissions consists of advisory fees that are based on market values of clients' managed portfolios and transaction fees for fiduciary services performed, both of which are recognized as earned. Brokerage includes advisory fees which are recognized as earned on a monthly basis and transaction fees that are recognized when transactions occur. Money market is based on the balances held in trust accounts and is recognized monthly. Insurance commissions are earned and recognized when policies are originated. Currently, no investment management and trust service income is based on performance or investment results. Commercial and consumer banking income: Consists of cash management, overdraft, non-sufficient fund fees and other service charges on deposit accounts as well as branch fees, automated teller machine fees, debit and credit card income and merchant services fees. Also included are letter of credit fees, foreign exchange income and interest rate swap fees. Revenue is primarily transactional and recognized when earned, at the time the transactions occur. Mortgage banking income: Consists of gains or losses on the sale of residential mortgage loans and mortgage loan servicing income. |
Leases | Leases: Effective January 1, 2019, the Corporation adopted ASU 2016-02, "Leases (Topic 842)." This standards update requires a lessee to recognize for all leases with an initial term greater than twelve months: (1) a ROU asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term; and (2) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, each measured on a discounted basis. The Corporation adopted this standards update in the first quarter of 2019 using the modified retrospective method, which eliminates the requirement to restate the earliest prior period presented in an entity’s financial statements. As such, financial information will not be updated, and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019, which continue to be reported in accordance with previous guidance (ASC Topic 840). This standards update provides for a number of practical expedients in transition. The Corporation elected to apply the package of practical expedients permitted within the new standard, which, among other things, allowed it to carryforward the prior conclusions on lease identification, lease classification and initial direct costs. In addition, the Corporation elected to not separate lease and non-lease components. The Corporation did not elect the practical expedient to apply hindsight in determining the lease term and in assessing impairment of the ROU assets. As a lessee, the majority of the operating lease portfolio consists of real estate leases for the Corporation's financial centers, land and office space. The operating leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. ROU assets and lease liabilities are not recognized for leases with an initial term of 12 months or less. The Corporation does not have any finance leases as the lessee. Certain real estate leases have lease payments that adjust based on annual changes in the Consumer Price Index ("CPI"). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Operating lease expense represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents expenses such as the payment of real estate taxes, insurance and common area maintenance based on the Corporation's pro-rata share. |
Defined Benefit Pension Plans | Defined Benefit Pension Plan: Net periodic pension costs are funded based on the requirements of federal laws and regulations. The determination of net periodic pension costs is based on assumptions about future events that will affect the amount and timing of required benefit payments under the plan. These assumptions include demographic assumptions such as retirement age and mortality, a discount rate used to determine the current benefit obligation, form of payment election and a long-term expected rate of return on plan assets. Net periodic pension expense includes interest cost, based on the assumed discount rate, an expected return on plan assets, amortization of prior service cost or credit and amortization of net actuarial gains or losses. For the Corporation, there is no service cost as the plan was curtailed in 2008, with no additional benefits accruing. Net periodic pension cost is recognized in salaries and employee benefits on the consolidated statements of income. |
Reclassification | Reclassifications: Certain amounts in the 2019 and 2018 consolidated financial statements and notes have been reclassified to conform to the 2020 presentation. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following tables present the amortized cost and estimated fair values of investment securities, as of December 31: Amortized Gross Gross Estimated (in thousands) 2020 Available for Sale State and municipal securities $ 891,327 $ 61,286 $ — $ 952,613 Corporate debt securities 348,391 19,445 (691) 367,145 Collateralized mortgage obligations 491,321 12,560 (115) 503,766 Residential mortgage-backed securities 373,779 4,246 (27) 377,998 Commercial mortgage-backed securities 741,172 22,384 (1,141) 762,415 Auction rate securities 101,510 — (3,304) 98,206 Total $ 2,947,500 $ 119,921 $ (5,278) $ 3,062,143 Held to Maturity Residential mortgage-backed securities $ 278,281 $ 18,576 $ — $ 296,857 Total $ 278,281 $ 18,576 $ — $ 296,857 2019 Available for Sale State and municipal securities $ 638,125 $ 15,826 $ (1,024) $ 652,927 Corporate debt securities 370,401 8,490 (1,534) 377,357 Collateralized mortgage obligations 682,307 11,726 (315) 693,718 Residential mortgage-backed securities 177,183 1,078 (949) 177,312 Commercial mortgage-backed securities 489,603 6,471 (1,777) 494,297 Auction rate securities 107,410 — (5,484) 101,926 Total $ 2,465,029 $ 43,591 $ (11,083) $ 2,497,537 Held to Maturity Residential mortgage-backed securities $ 369,841 $ 13,864 $ — $ 383,705 Total $ 369,841 $ 13,864 $ — $ 383,705 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of December 31, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 11,250 $ 11,350 $ — $ — Due from one year to five years 39,069 40,717 — — Due from five years to ten years 327,456 345,612 — — Due after ten years 963,453 1,020,285 — — 1,341,228 1,417,964 — — Residential mortgage-backed securities (1) 373,779 377,998 278,281 296,857 Commercial mortgage-backed securities (1) 741,172 762,415 — — Collateralized mortgage obligations (1) 491,321 503,766 — — Total $ 2,947,500 $ 3,062,143 $ 278,281 $ 296,857 |
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to gross gains and losses on the sales of securities: Gross Realized Gains Gross Realized Losses Net Gains (in thousands) 2020 $ 6,545 $ (3,492) $ 3,053 2019 11,554 (6,821) 4,733 2018 1,665 (1,628) 37 |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31: Less Than 12 months 12 Months or Longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized 2020 (dollars in thousands) Available for Sale Corporate debt securities 9 $ 44,528 $ (377) 1 $ 6,871 $ (314) $ 51,399 $ (691) Collateralized mortgage obligations 3 57,601 (115) — — — 57,601 (115) Residential mortgage-backed securities 1 20,124 (27) — — — 20,124 (27) Commercial mortgage-backed securities 9 144,383 (1,141) — — — 144,383 (1,141) Auction rate securities — — — 162 98,206 (3,304) 98,206 (3,304) Total available for sale 22 $ 266,636 $ (1,660) 163 $ 105,077 $ (3,618) $ 371,713 $ (5,278) 2019 Available for Sale State and municipal securities 44 $ 136,344 $ (1,024) — $ — $ — $ 136,344 $ (1,024) Corporate debt securities 5 30,719 (346) 8 18,759 (1,188) 49,478 (1,534) Collateralized mortgage obligations 5 33,865 (190) 1 5,330 (125) 39,195 (315) Residential mortgage-backed securities 5 12,247 (40) 26 127,373 (909) 139,620 (949) Commercial mortgage-backed securities 7 121,340 (1,777) — — — 121,340 (1,777) Auction rate securities — — — 177 101,926 (5,484) 101,926 (5,484) Total available for sale 66 $ 334,515 $ (3,377) 212 $ 253,388 $ (7,706) $ 587,903 $ (11,083) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans and leases, net of unearned income are summarized as follows as of December 31: 2020 2019 (in thousands) Real estate - commercial mortgage $ 7,105,092 $ 6,700,776 Commercial and industrial (1) 5,670,828 4,446,701 Real-estate - residential mortgage 3,141,915 2,641,465 Real-estate - home equity 1,202,913 1,314,944 Real-estate - construction 1,047,218 971,079 Consumer 466,772 463,164 Equipment lease financing and other 284,377 322,625 Overdrafts 4,806 3,582 Gross loans 18,923,921 16,864,336 Unearned income (23,101) (26,810) Net Loans $ 18,900,820 $ 16,837,526 (1) Includes PPP loans totaling $1.6 billion as of December 31, 2020. |
Schedule of Allowance for Credit Losses | The following table presents the components of the ACL under CECL: 2020 (in thousands) ACL - loans $ 277,567 ACL - OBS credit exposure 14,373 Total ACL $ 291,940 The following table presents the components of the ACL as of December 31: 2019 2018 (in thousands) Allowance for loan losses $ 163,622 $ 160,537 Reserve for unfunded lending commitments 2,587 8,873 Total ACL $ 166,209 $ 169,410 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL in 2020: 2020 (in thousands) Balance at beginning of period $ 166,209 Impact of adopting CECL on January 1, 2020 (1) 58,348 Loans charged off (30,557) Recoveries of loans previously charged off 21,020 Net loans recovered (charged off) (9,537) Provision for credit losses (2) 76,920 Balance at the end of the period (3) $ 291,940 (1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $(840,000) related to OBS credit exposures for the year ended December 31, 2020. (3) Includes $14.4 million of reserves for OBS credit exposures as of December 31, 2020. The following table presents the activity in the ACL - loans by portfolio segment, for the year ended December 31, 2020: Real Estate - Commercial and Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing, other Total (in thousands) Year ended December 31, 2020 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Impact of adopting CECL on January 1, 2020 29,361 (18,576) (65) 21,235 4,015 5,969 3,784 45,723 Loans charged off (4,225) (18,915) (1,193) (620) (17) (3,400) (2,187) (30,557) Recoveries of loans previously charged off 1,027 11,396 504 491 5,122 1,875 605 21,020 Net loans recovered (charged off) (3,198) (7,519) (689) (129) 5,105 (1,525) (1,582) (9,537) Provision for loan losses (1) 31,652 32,264 (2,758) 11,118 2,045 2,699 741 77,760 Balance at December 31, 2020 $ 103,425 $ 74,771 $ 14,232 $ 51,995 $ 15,608 $ 10,905 $ 6,633 $ 277,567 (1) Provision included in the table only includes the portion related to Net Loans. The following table presents the activity in the ACL for the years ended December 31: 2019 2018 (in thousands) Balance at beginning of period $ 169,410 $ 176,084 Loans charged off (53,189) (66,076) Recoveries of loans previously charged off 17,163 12,495 Net loans recovered (charged off) (36,026) (53,581) Provisions for credit losses (1) 32,825 46,907 Balance at the end of the period (2) $ 166,209 $ 169,410 (1) Includes $(6.3) million and $2.7 million related to OBS credit exposures for the years ended 2019 and 2018, respectively. (2) Includes $2.6 million and $8.9 million of reserves for OBS credit exposures as of December 31, 2019 and 2018. The following tables present the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2019 and 2018, by portfolio segment: Real Estate - Commercial and Industrial Real Estate - Real Estate - Real Estate - Consumer Equipment Finance Leasing and Other Total (in thousands) Balance at December 31, 2018 52,889 58,868 18,911 18,921 5,061 3,217 2,670 160,537 Loans charged off (1,837) (42,410) (1,291) (1,545) (143) (3,403) (2,560) (53,189) Recoveries of loans previously charged off 2,202 8,721 688 989 2,591 1,306 666 17,163 Net loans recovered (charged off) 365 (33,689) (603) (556) 2,448 (2,097) (1,894) (36,026) Provision for loan losses (1) (7,644) 43,423 (564) 1,406 (3,066) 2,642 2,914 39,111 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 0 $ 163,622 (1) Provision included in the table only includes the portion related to Net Loans |
Total Impaired Loans by Class Segment | The following table presents total non-accrual loans, by class segment: 2020 2019 With a Related Allowance Without a Related Allowance Total Total (in thousands) Real estate - commercial mortgage $ 19,909 $ 31,561 $ 51,470 $ 33,166 Commercial and industrial 13,937 18,056 31,993 48,106 Real estate - residential mortgage 24,590 1,517 26,107 16,676 Real estate - home equity 9,398 190 9,588 7,004 Real estate - construction 437 958 1,395 3,618 Consumer 332 — 332 — Equipment lease financing and other — 16,313 16,313 16,528 Total $ 68,603 $ 68,595 $ 137,198 $ 125,098 |
Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, in the current period: December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 185,883 $ 229,097 $ 217,604 $ 81,086 $ 37,976 $ 110,470 $ 38,026 $ — $ 900,142 Special Mention — — — — 7,047 6,212 — — 13,259 Substandard or Lower — 447 — 2,000 753 1,637 632 — 5,469 Total real estate - construction 185,883 229,544 217,604 83,086 45,776 118,319 38,658 — 918,870 Real estate - construction (1) Current period gross charge-offs — — — — — (17) — — (17) Current period recoveries — — — — 68 5,054 — — 5,122 Total net (charge-offs) recoveries — — — — 68 5,037 — — 5,105 Commercial and industrial (2) Pass 2,283,533 508,541 298,567 214,089 208,549 596,646 1,278,689 — 5,388,614 Special Mention 6,633 23,834 29,167 10,945 11,506 25,960 45,994 — 154,039 Substandard or Lower 3,221 5,947 8,434 11,251 11,192 23,852 64,278 — 128,175 Total commercial and industrial 2,293,387 538,322 336,168 236,285 231,247 646,458 1,388,961 — 5,670,828 Commercial and industrial Current period gross charge-offs — (114) (30) (488) (393) (520) (17,370) — (18,915) Current period recoveries — 43 486 216 162 4,531 5,958 — 11,396 Total net (charge-offs) recoveries — (71) 456 (272) (231) 4,011 (11,412) — (7,519) Real estate - commercial mortgage Pass 973,664 917,510 708,946 794,955 783,094 2,213,343 53,041 404 6,444,957 Special Mention 13,639 40,874 84,047 80,705 89,112 167,424 2,364 — 478,165 Substandard or Lower 1,238 6,681 6,247 39,027 22,605 103,007 2,225 940 181,970 Total real estate - commercial mortgage 988,541 965,065 799,240 914,687 894,811 2,483,774 57,630 1,344 7,105,092 Real estate - commercial mortgage Current period gross charge-offs (60) (21) (36) (2,515) (29) (1,547) (17) — (4,225) Current period recoveries — 6 — — 1 1,020 — — 1,027 Total net (charge-offs) recoveries (60) (15) (36) (2,515) (28) (527) (17) — (3,198) Total Pass $ 3,443,080 $ 1,655,148 $ 1,225,117 $ 1,090,130 $ 1,029,619 $ 2,920,459 $ 1,369,756 $ 404 $ 12,733,713 Special Mention 20,272 64,708 113,214 91,650 107,665 199,596 48,358 — 645,463 Substandard or Lower 4,459 13,075 14,681 52,278 34,550 128,496 67,135 940 315,614 Total $ 3,467,811 $ 1,732,931 $ 1,353,012 $ 1,234,058 $ 1,171,834 $ 3,248,551 $ 1,485,249 $ 1,344 $ 13,694,790 (1) Excludes real estate - construction - other. (2) Loans originated in 2020 include $1.6 million of PPP loans that were assigned a rating of Pass based on the existence of a federal government guaranty through the SBA. The information presented in the preceding table is not required to be disclosed for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments: December 31, 2019 Pass Special Mention Substandard or Lower Total (dollars in thousands) Real estate - commercial mortgage $ 6,429,407 $ 137,163 $ 134,206 $ 6,700,776 Commercial and industrial - secured 3,830,847 171,442 195,884 4,198,173 Commercial and industrial - unsecured 234,987 9,665 3,876 248,528 Total commercial and industrial 4,065,834 181,107 199,760 4,446,701 Construction - commercial residential 100,808 2,897 3,461 107,166 Construction - commercial 765,562 1,322 2,676 769,560 Total construction (excluding construction - other) 866,370 4,219 6,137 876,726 $ 11,361,611 $ 322,489 $ 340,103 $ 12,024,203 % of Total 94.5 % 2.7 % 2.8 % 100.0 % December 31, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 31,445 $ 8,176 $ 13,906 $ 11,024 $ 11,667 $ 126,749 $ 982,285 $ 5,321 $ 1,190,573 Non-performing — 88 23 233 221 2,290 9,485 — 12,340 Total real estate - home equity 31,445 8,264 13,929 11,257 11,888 129,039 991,770 5,321 1,202,913 Real estate - home equity Current period gross charge-offs — — — — — (34) (1,159) — (1,193) Current period recoveries — — — — — 138 366 — 504 Total net (charge-offs) recoveries — — — — — 104 (793) — (689) Real estate - residential mortgage Performing 1,255,532 585,878 228,398 341,563 264,990 434,889 — — 3,111,250 Non-performing 217 2,483 3,177 2,483 722 21,583 — — 30,665 Total real estate - residential mortgage 1,255,749 588,361 231,575 344,046 265,712 456,472 — — 3,141,915 Real estate - residential mortgage Current period gross charge-offs — (68) (101) (190) (7) (254) — — (620) Current period recoveries — 68 16 1 1 405 — — 491 Total net (charge-offs) recoveries — — (85) (189) (6) 151 — — (129) Consumer Performing 114,399 98,587 95,072 43,334 25,804 36,086 52,698 42 466,022 Non-performing 168 19 124 141 114 150 34 — 750 Total consumer 114,567 98,606 95,196 43,475 25,918 36,236 52,732 42 466,772 Consumer Current period gross charge-offs (134) (542) (524) (444) (489) (769) (498) — (3,400) Current period recoveries — 64 165 159 94 101 1,292 — 1,875 Total net (charge-offs) recoveries (134) (478) (359) (285) (395) (668) 794 — (1,525) Equipment lease financing and other Performing 102,324 65,303 49,453 34,995 15,631 5,040 — — 272,746 Non-performing — — 30 15,983 142 282 — — 16,437 Total leasing and other 102,324 65,303 49,483 50,978 15,773 5,322 — — 289,183 Equipment lease financing and other Current period gross charge-offs (606) (1,581) — — — — — — (2,187) Current period recoveries 185 349 21 18 11 21 — — 605 Total net (charge-offs) recoveries (421) (1,232) 21 18 11 21 — — (1,582) Construction - other Performing 96,444 24,888 6,822 — 16 — — — 128,170 Non-performing — — — 178 — — — — 178 Total construction - other 96,444 24,888 6,822 178 16 — — — 128,348 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,600,144 $ 782,832 $ 393,651 $ 430,916 $ 318,108 $ 602,764 $ 1,034,983 $ 5,363 $ 5,168,761 Non-performing 385 2,590 3,354 19,018 1,199 24,305 9,519 — 60,370 Total $ 1,600,529 $ 785,422 $ 397,005 $ 449,934 $ 319,307 $ 627,069 $ 1,044,502 $ 5,363 $ 5,229,131 The information presented in the preceding table not required to be disclosed for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments: December 31, 2019 Performing Delinquent (1) Non-performing (2) Total (dollars in thousands) Real estate - home equity $ 1,292,035 $ 12,341 $ 10,568 $ 1,314,944 Real estate - residential mortgage 2,584,763 34,291 22,411 2,641,465 Construction - other 92,649 895 809 94,353 Consumer - direct 63,582 465 190 64,237 Consumer - indirect 393,974 4,685 268 398,927 Total consumer 457,556 5,150 458 463,164 Equipment lease financing and other 278,743 4,012 16,642 299,397 $ 4,705,746 $ 56,689 $ 50,888 $ 4,813,323 % of Total 97.8 % 1.2 % 1.0 % 100 % (1) Includes all accruing loans 30 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. |
Non-Performing Assets | The following table presents non-performing assets: December 31, December 31, (in thousands) Non-accrual loans $ 137,198 $ 125,098 Loans 90 days or more past due and still accruing 9,929 16,057 Total non-performing loans 147,127 141,155 OREO (1) 4,178 6,831 Total non-performing assets $ 151,305 $ 147,986 (1) Excludes $8.1 million of residential mortgage properties for which formal foreclosure proceedings were in process as of December 31, 2020. |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present the aging of the amortized cost basis of loans, by class segment: 30-59 60-89 ≥ 90 Days Days Past Days Past Past Due Non- Due Due and Accruing Accrual Current Total (in thousands) December 31, 2020 Real estate – commercial mortgage $ 14,999 $ 9,273 $ 1,177 $ 51,470 $ 7,028,173 $ 7,105,092 Commercial and industrial 11,285 1,068 616 31,993 5,625,866 5,670,828 Real estate – residential mortgage 22,281 7,675 4,687 26,107 3,081,165 3,141,915 Real estate – home equity 5,622 1,654 2,753 9,588 1,183,296 1,202,913 Real estate – construction 1,938 — 155 1,395 1,043,730 1,047,218 Consumer 3,036 501 417 332 462,486 466,772 Equipment lease financing and other 838 150 124 16,313 248,657 266,082 Total $ 59,999 $ 20,321 $ 9,929 $ 137,198 $ 18,673,373 $ 18,900,820 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2019 Real estate – commercial mortgage $ 10,912 $ 1,543 $ 4,113 $ 33,166 $ 6,651,042 $ 6,700,776 Commercial and industrial 2,302 2,630 1,385 48,106 4,392,278 4,446,701 Real estate – residential mortgage 26,982 7,309 5,735 16,676 2,584,763 2,641,465 Real estate – home equity 9,635 2,706 3,564 7,004 1,292,035 1,314,944 Real estate – construction 1,715 900 688 3,618 964,158 971,079 Consumer 4,228 922 458 — 457,556 463,164 Equipment lease financing and other 552 3,460 114 16,528 278,743 299,397 Total $ 56,326 $ 19,470 $ 16,057 $ 125,098 $ 16,620,575 $ 16,837,526 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment for the years ended December 31: 2020 2019 (in thousands) Real estate - commercial mortgage $ 28,451 $ 13,330 Commercial and industrial 6,982 5,193 Real estate - residential mortgage 18,602 21,551 Real estate - home equity 14,391 15,068 Consumer — 8 Total accruing TDRs 68,426 55,150 Non-accrual TDRs (1) 35,755 20,825 Total TDRs $ 104,181 $ 75,975 |
Loan Terms Modified Under Troubled Debt Restructurings during The Period By Class Segment | The following table presents TDRs, by class segment, for loans that were modified during the years ended December 31: 2020 2019 2018 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Real estate - commercial mortgage 12 $ 24,868 2 $ 263 6 $ 8,261 Commercial and industrial 20 5,218 16 5,378 8 4,226 Real estate - residential mortgage 48 10,493 6 2,252 7 801 Real estate - home equity 48 4,359 59 2,706 96 5,087 Consumer 14 345 — — — — Total 142 $ 45,283 83 $ 10,599 117 $ 18,375 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment as of December 31: 2020 2019 (in thousands) Land $ 38,654 $ 38,836 Buildings and improvements 343,604 350,609 Furniture and equipment 165,572 158,064 Construction in progress 5,423 9,594 Total premises and equipment 553,253 557,103 Less: Accumulated depreciation and amortization (321,773) (317,057) Net premises and equipment $ 231,480 $ 240,046 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the fair value included in mortgage banking income on the consolidated statements of income: 2020 2019 2018 (in thousands) Amortized cost: Balance at beginning of period $ 39,267 $ 38,573 $ 37,663 Originations of MSRs 12,173 7,546 6,756 Amortization (12,695) (6,852) (5,846) Balance at end of period $ 38,745 $ 39,267 $ 38,573 Valuation allowance: Balance at beginning of period $ — $ — $ — Additions to valuation allowance (10,500) — — Balance at end of period $ (10,500) $ — $ — Net MSRs at end of period $ 28,245 $ 39,267 $ 38,573 Estimated fair value of MSRs at end of period $ 28,245 $ 45,193 $ 50,200 |
Schedule Of MSR Amortization Expense | Estimated future MSR amortization expense, based on balances as of December 31, 2020, and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2021 $ 6,550 2022 6,091 2023 5,586 2024 5,034 2025 4,429 Beyond 2025 11,055 Total estimated amortization expense $ 38,745 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Schedule Of Deposits Liabilities | Deposits consisted of the following as of December 31: 2020 2019 (in thousands) Noninterest-bearing demand $ 6,531,002 $ 4,453,324 Interest-bearing demand 5,818,564 4,720,188 Savings and money market accounts 5,929,792 5,153,941 Total demand and savings 18,279,358 14,327,453 Brokered deposits 335,185 264,531 Time deposits 2,224,664 2,801,929 Total Deposits $ 20,839,207 $ 17,393,913 |
Scheduled Maturities Of Time Deposits | The scheduled maturities of time deposits as of December 31, 2020 were as follows (in thousands): Year 2021 $ 1,417,396 2022 521,545 2023 160,700 2024 43,914 2025 26,092 Thereafter 55,017 $ 2,224,664 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings as of December 31, 2020, 2019 and 2018 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in AFS investment securities. December 31 Maximum Outstanding 2020 2019 2018 2020 2019 2018 (in thousands) Federal funds purchased $ — $ — $ — $ 200,000 $ 274,998 $ 525,000 Short-term FHLB advances (1) — 500,000 385,000 980,000 825,000 385,000 Customer funding (2) 630,066 383,241 369,777 630,066 404,207 547,678 Total short-term borrowings $ 630,066 $ 883,241 $ 754,777 (1) Represents FHLB advances with an original maturity term of less than one year. (2) Includes repurchase agreements and short-term promissory notes. |
Schedule of Long-term Debt Instruments | FHLB advances with an original maturity of one year or more and long-term borrowings included the following as of December 31: 2020 2019 (in thousands) FHLB advances $ 535,973 $ 491,024 Subordinated debt 625,000 250,000 Senior notes 125,000 125,000 Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (6,206) (751) Total long-term borrowings $ 1,296,263 $ 881,769 |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term borrowings as of December 31, 2020 (in thousands): Year 2021 $ — 2022 178,857 2023 214,241 2024 489,190 2025 24,675 Thereafter 389,300 $ 1,296,263 |
Schedule of Subordinated Borrowing | The following table provides details of the debentures as of December 31, 2020 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 2.96 % $ 6,186 06/30/34 03/31/21 100.0 Columbia Bancorp Statutory Trust II Variable 2.14 % 4,124 03/15/35 03/15/21 100.0 Columbia Bancorp Statutory Trust III Variable 2.02 % 6,186 06/15/35 03/15/21 100.0 $ 16,496 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notion Amounts and Fair Values of Derivative Financial Instruments | The following table presents the notional amounts and fair values of derivative financial instruments as of December 31: 2020 2019 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 382,903 $ 8,034 $ 132,260 $ 1,123 Negative fair values 3,154 (35) 9,783 (53) Forward Commitments Positive fair values — — 75,000 63 Negative fair values 292,262 (2,263) 180,000 (371) Interest Rate Swaps with Customers Positive fair values 3,834,062 330,951 2,903,489 143,484 Negative fair values 45,640 (2) 376,705 (695) Interest Rate Swaps with Dealer Counterparties Positive fair values 45,640 2 376,705 695 Negative fair values 3,834,062 (165,205) 2,903,489 (75,327) Foreign Exchange Contracts with Customers Positive fair values 1,121 5 3,373 38 Negative fair values 5,963 (275) 7,283 (154) Foreign Exchange Contracts with Correspondent Banks Positive fair values 6,372 318 9,028 192 Negative fair values 1,422 (5) 4,976 (45) |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31: Consolidated Statements of Income Classification 2020 2019 2018 (in thousands) Mortgage banking derivatives (1) Mortgage banking $ 4,974 $ 689 $ (748) Interest rate swaps Other expense 70 122 1 Foreign exchange contracts Other income 12 20 (75) Net fair value gains (losses) on derivative financial instruments $ 5,056 $ 831 $ (822) (1) Includes interest rate locks with customers and forward commitments. |
Fair Value, Option, Qualitative Disclosures Related to Election | The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31: 2020 2019 (in thousands) Amortized cost (1) $ 80,662 $ 37,396 Fair value 83,886 37,828 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Offsetting Assets and Liabilities | The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) 2020 Interest rate swap derivative assets $ 330,951 $ (2) $ — $ 330,949 Foreign exchange derivative assets with correspondent banks 318 (5) — 313 Total $ 331,269 $ (7) $ — $ 331,262 Interest rate swap derivative liabilities $ 165,205 $ (2) $ (165,203) $ — Foreign exchange derivative liabilities with correspondent banks 5 (5) — — Total $ 165,210 $ (7) $ (165,203) $ — 2019 Interest rate swap derivative assets $ 144,179 $ (757) $ — $ 143,422 Foreign exchange derivative assets with correspondent banks 192 (45) — 147 Total $ 144,371 $ (802) $ — $ 143,569 Interest rate swap derivative liabilities $ 76,022 $ (757) $ (75,265) $ — Foreign exchange derivative liabilities with correspondent banks 45 (45) — — Total $ 76,067 $ (802) $ (75,265) $ — (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following tables present the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements under the U.S. Basel III Capital Rules, as of December 31: 2020 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,837,801 14.4 % $ 1,571,876 8.0 % N/A N/A Fulton Bank, N.A. 2,758,963 14.1 1,562,322 8.0 $ 1,952,903 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,067,640 10.5 % $ 1,178,907 6.0 % N/A N/A Fulton Bank, N.A 2,529,802 13.0 1,171,742 6.0 $ 1,562,322 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,874,762 9.5 % $ 884,181 4.5 % N/A N/A Fulton Bank, N.A 2,485,802 12.7 878,806 4.5 $ 1,269,387 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 2,067,640 8.2 % $ 1,009,469 4.0 % N/A N/A Fulton Bank, N.A 2,529,802 10.1 1,001,313 4.0 $ 1,251,641 5.0 % N/A – Not applicable as "well capitalized" applies to banks only. 2019 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,179,197 11.8 % $ 1,481,425 8.0 % N/A N/A Fulton Bank, N.A. 2,224,505 12.1 1,473,880 8.0 $ 1,842,350 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 1,111,068 6.0 % N/A N/A Fulton Bank, N.A 2,058,295 11.2 1,105,410 6.0 $ 1,473,880 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 833,301 4.5 % N/A N/A Fulton Bank, N.A 2,014,295 10.9 829,057 4.5 $ 1,197,527 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 1,796,987 8.4 % $ 850,727 4.0 % N/A N/A Fulton Bank, N.A 2,058,295 9.8 844,341 4.0 $ 1,055,426 5.0 % N/A – Not applicable as "well capitalized" applies to banks only. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: 2020 2019 2018 (in thousands) Current tax expense: Federal $ 38,396 $ 32,610 $ 35,783 State 7,389 5,204 5,352 45,785 37,814 41,135 Deferred tax (benefit) expense: Federal (18,131) (1,271) (16,841) State (3,460) 1,106 283 (21,591) (165) (16,558) Total income tax expense $ 24,194 $ 37,649 $ 24,577 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2020 2019 2018 Statutory tax rate 21.0 % 21.0 % 21.0 % Tax credit investments (5.7) (4.6) (6.1) Tax-exempt income (4.9) (3.9) (4.1) Bank owned life insurance (0.7) (0.4) (0.4) State income taxes, net of federal benefit 1.1 0.2 2.0 Change in valuation allowance — 1.8 (0.1) Re-measurement of net DTA due to the Tax Act — — (0.3) Executive compensation — — 0.1 FDIC Premium 0.3 — — Penalties 0.2 — — Other, net 0.7 0.2 (1.6) Effective income tax rate 12.0 % 14.3 % 10.5 % |
Schedule of Deferred Tax Assets and Liabilities | The net DTA recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: 2020 2019 (in thousands) Deferred tax assets: Allowance for credit losses $ 67,059 $ 37,081 Tax credit carryforwards 39,294 43,133 State loss carryforwards 20,401 16,324 Tax credit investments 10,159 6,799 Other accrued expenses 9,801 8,797 Deferred compensation 8,486 7,752 Stock-based compensation 3,289 2,930 Postretirement and defined benefit plans 1,553 599 Other 12,107 4,246 Total gross deferred tax assets 172,149 127,661 Deferred tax liabilities: Equipment lease financing 44,216 42,273 Unrealized holding gains on AFS securities 23,978 4,223 Premises and equipment 8,876 6,282 MSRs 6,414 8,686 Acquisition premiums/discounts 5,466 5,266 Intangible assets 1,205 1,136 Other 15,811 12,387 Total gross deferred tax liabilities 105,966 80,253 Net deferred tax asset, before valuation allowance 66,183 47,408 Valuation allowance (20,401) (16,324) Net deferred tax asset $ 45,782 $ 31,084 |
Summary of Income Tax Contingencies | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31: 2020 2019 2018 (in thousands) Balance at beginning of year $ 2,517 $ 2,726 $ 2,550 Current period tax positions 95 292 593 Lapse of statute of limitations (461) (501) (417) Balance at end of year $ 2,151 $ 2,517 $ 2,726 |
Summary of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31: 2020 2019 Included in other assets: ( in thousands) Affordable housing tax credit investments, net $ 152,203 $ 153,351 Other tax credit investments, net 59,224 64,354 Total TCIs, net $ 211,427 $ 217,705 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 31,562 $ 16,684 Other tax credit liabilities 49,491 55,105 Total unfunded tax credit commitments and liabilities $ 81,053 $ 71,789 The following table presents other information relating to the Corporation's TCIs for the years ended December 31: 2020 2019 2018 ( in thousands) Components of income taxes: Affordable housing tax credits and other tax benefits $ (28,777) $ (30,642) $ (30,721) Other tax credit investment credits and tax benefits (4,163) (4,542) (6,385) Amortization of affordable housing investments, net of tax benefit 20,429 22,184 21,569 Deferred tax expense 921 954 1,341 Total reduction in income tax expense $ (11,590) $ (12,046) $ (14,196) Amortization of TCIs: Affordable housing tax credits investment $ 4,087 $ 3,344 $ 3,355 Other tax credit investment amortization 2,039 2,677 8,094 Total amortization of TCIs $ 6,126 $ 6,021 $ 11,449 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2020 2019 2018 (in thousands) Weighted average common shares outstanding (basic) 162,372 166,902 175,395 Impact of common stock equivalents 718 890 1,148 Weighted average common shares outstanding (diluted) 163,090 167,792 176,543 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31: Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) 2020 Unrealized gain on securities $ 85,188 $ (19,537) $ 65,651 Reclassification adjustment for securities gains included in net income (1) (3,053) 694 (2,359) Amortization of net unrealized losses on AFS transferred to HTM (2) 4,360 (912) 3,448 Unrecognized pension and postretirement income (3,242) 710 (2,532) Amortization of net unrecognized pension and postretirement items (3) 1,311 (291) 1,020 Total Other Comprehensive Income $ 84,564 $ (19,336) $ 65,228 2019 Unrealized gain on securities $ 73,085 $ (16,166) $ 56,919 Reclassification adjustment for securities gains included in net income (1) (4,733) 1,047 (3,686) Amortization of net unrealized losses on AFS transferred to HTM (2) (4) 8,070 (1,785) 6,285 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (873) 193 (680) Unrecognized pension and postretirement income (1,203) 266 (937) Amortization of net unrecognized pension and postretirement items (3) 1,316 (291) 1,025 Total Other Comprehensive Income $ 75,662 $ (16,736) $ 58,926 2018 Unrealized loss on securities $ (31,235) $ 6,909 $ (24,326) Reclassification adjustment for securities gains included in net income (1) (37) 7 (30) Amortization of net unrealized losses on AFS transferred to HTM (2) 2,694 (596) 2,098 Non-credit related unrealized losses on other-than-temporarily impaired debt securities 285 (63) 222 Unrecognized pension and postretirement income 1,798 (398) 1,400 Amortization of net unrecognized pension and postretirement items (3) 2,116 (468) 1,648 Total Other Comprehensive Loss $ (24,379) $ 5,391 $ (18,988) (1) Amounts reclassified out of AOCI/(loss). Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details. (2) Amounts reclassified out of AOCI/(loss). Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. See "Note 3, - Investment Securities," for additional details. (3) Amounts reclassified out of AOCI/(loss). Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details. (4) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04, as disclosed in "Note 1 - Summary of Significant Accounting Policies" from "Amortization of net unrealized losses on AFS securities transferred to HTM" to "Unrealized gain on securities." |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Cost) Total (in thousands) Balance at December 31, 2017 $ (18,509) $ 458 $ (14,923) $ (32,974) Other comprehensive loss before reclassifications (24,326) 222 1,400 (22,704) Amounts reclassified from accumulated other comprehensive income (loss) (30) — 1,648 1,618 Amortization of net unrealized losses on AFS securities transferred to HTM 2,098 — — 2,098 Reclassification of stranded tax effects (3,887) — (3,214) (7,101) Balance at December 31, 2018 (44,654) 680 (15,089) (59,063) Other comprehensive income before reclassifications 56,919 (680) (937) 55,302 Amounts reclassified from accumulated other comprehensive income (loss) (3,686) — 1,025 (2,661) Amortization of net unrealized losses on AFS securities transferred to HTM 6,285 — — 6,285 Balance at December 31, 2019 14,864 — (15,001) (137) Other comprehensive income before reclassifications 65,651 — (2,532) 63,119 Amounts reclassified from accumulated other comprehensive income (loss) (2,359) — 1,020 (1,339) Amortization of net unrealized losses on AFS securities transferred to HTM 3,448 — — 3,448 Balance at December 30, 2020 $ 81,604 $ — $ (16,513) $ 65,091 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: 2020 2019 2018 (in thousands) Compensation expense $ 8,381 $ 7,413 $ 7,965 Tax benefit (1,790) (1,610) (2,625) Total stock-based compensation, net of tax $ 6,591 $ 5,803 $ 5,340 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2020: Stock Weighted Weighted Aggregate Outstanding and exercisable as of December 31, 2019 500,260 $ 11.12 Exercised (89,725) 9.99 Forfeited (1,047) 12.25 Expired (11,181) 10.27 Outstanding and exercisable as of December 31, 2020 398,307 $ 11.39 1.9 years $ 0.5 |
Schedule Of Options Exercised | The following table presents information about stock options exercised: 2020 2019 2018 (dollars in thousands) Number of options exercised 89,725 150,296 214,845 Total intrinsic value of options exercised $ 192 $ 1,028 $ 1,616 Cash received from options exercised $ 880 $ 1,446 $ 2,210 Tax benefit from options exercised $ 37 $ 188 $ 291 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2020: Restricted Stock/RSUs/PSUs (1) Shares Weighted Nonvested as of December 31, 2019 1,425,021 $ 16.39 Granted 911,367 11.82 Vested (357,838) 17.88 Forfeited (81,170) 13.74 Nonvested as of December 31, 2020 1,897,380 $ 14.07 (1) There were no nonvested stock options at December 31, 2020 or 2019. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2020 2019 2018 Risk-free interest rate 0.25 % 2.27 % 2.63 % Volatility of Corporation’s stock 33.10 % 23.00 % 23.50 % Expected life of PSUs 3 years 3 years 3 years |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP: 2020 2019 2018 ESPP shares purchased 194,485 136,576 110,200 Average purchase price per share (85% of market value) $ 10.02 $ 14.03 $ 14.74 Compensation expense recognized (in thousands) $ 344 $ 338 $ 287 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Costs of Retirement Plans | The following summarizes retirement plan expense for the years ended December 31: 2020 2019 2018 (in thousands) 401(k) Retirement Plan $ 9,853 $ 8,976 $ 8,482 Pension Plan 660 2,484 3,435 Total $ 10,513 $ 11,460 $ 11,917 |
Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: 2020 2019 2018 (in thousands) Interest cost $ 2,726 $ 3,257 $ 3,053 Expected return on assets (3,925) (2,754) (2,047) Net amortization and deferral 1,859 1,981 2,429 Net periodic pension cost $ 660 $ 2,484 $ 3,435 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31: 2020 2019 (in thousands) Projected benefit obligation at beginning of year $ 86,204 $ 79,426 Interest cost 2,726 3,257 Benefit payments (4,104) (4,114) Change in assumptions 7,532 8,259 Experience gain (66) (624) Projected benefit obligation at end of year $ 92,292 $ 86,204 Fair value of plan assets at beginning of year $ 83,676 $ 57,825 Employer contributions (1) — 20,755 Actual return on plan assets 7,605 9,210 Benefit payments (4,104) (4,114) Fair value of plan assets at end of year $ 87,177 $ 83,676 (1) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $20.8 million to the Pension Plan during 2019. |
Schedule of Net Funded Status | The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31: 2020 2019 (in thousands) Projected benefit obligation $ (92,292) $ (86,204) Fair value of plan assets 87,177 83,676 Funded status $ (5,115) $ (2,528) |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss): Unrecognized Net Loss Before tax Net of tax (in thousands) Balance as of December 31, 2018 $ 24,347 $ 18,961 Recognized as a component of 2019 periodic pension cost (1,981) (1,543) Unrecognized gains arising in 2019 1,180 919 Balance as of December 31, 2019 23,546 18,337 Recognized as a component of 2020 periodic pension cost (1,859) (1,452) Unrecognized losses arising in 2020 3,787 2,958 Balance as of December 31, 2020 $ 25,474 $ 19,843 |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31: 2020 2019 2018 Discount rate-projected benefit obligation 2.50 % 3.25 % 4.25 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.00 % |
Schedule of Allocation of Plan Assets | The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31: 2020 2019 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 37,847 $ 26,377 Equity common trust funds 12,450 11,810 Equity securities 50,297 57.7 % 38,187 45.6 % Cash and money market funds 9,444 21,182 Fixed income mutual funds 16,134 14,370 Corporate debt securities 3,319 3,124 U.S. Government agency securities 6,257 3,078 Fixed income securities and cash 35,154 40.3 % 41,754 49.9 % Other alternative investment funds 1,726 2.0 % 3,735 4.5 % Total $ 87,177 100.0 % $ 83,676 100.0 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands): Year 2021 $ 4,399 2022 4,452 2023 4,565 2024 4,652 2025 4,724 Thereafter 24,461 Total $ 47,253 |
Other Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The components of the net benefit for Postretirement Plan other than pensions are as follows: 2020 2019 2018 (in thousands) Interest cost $ 43 $ 61 $ 57 Net amortization and deferral (548) (556) (559) Net postretirement benefit $ (505) $ (495) $ (502) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31: 2020 2019 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 1,450 $ 1,520 Interest cost 43 61 Benefit payments (177) (187) Change in experience (32) 17 Change in assumptions 38 39 Accumulated postretirement benefit obligation at end of year $ 1,322 $ 1,450 |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss): Before tax Unrecognized Unrecognized Total Net of tax (in thousands) Balance as of December 31, 2018 $ (3,940) $ (1,096) $ (5,036) $ (3,928) Recognized as a component of 2019 postretirement cost 464 92 556 433 Unrecognized gains arising in 2019 — 56 56 44 Balance as of December 31, 2019 (3,476) (948) (4,424) (3,451) Recognized as a component of 2020 postretirement cost 464 84 548 428 Unrecognized gains arising in 2020 — 6 6 5 Balance as of December 31, 2020 $ (3,012) $ (858) $ (3,870) $ (3,018) |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: 2020 2019 2018 Discount rate-projected benefit obligation 2.50 % 3.25 % 4.25 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): Year 2021 $ 161 2022 149 2023 138 2024 126 2025 115 Thereafter 426 Total $ 1,115 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Cost and Supplemental Information | The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (in thousands): 2020 2019 Operating lease expense $ 18,481 $ 18,852 Variable lease expense 2,830 2,924 Sublease income (749) (791) Total lease expense $ 20,562 $ 20,985 Supplemental cash flow information related to operating leases was as follows (in thousands): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 18,973 $ 18,563 ROU assets obtained in exchange for lease obligations 2,931 117,496 |
Supplemental Balance Sheet Information | Supplemental consolidated balance sheet information related to leases was as follows as of December 31 (dollars in thousands): Operating Leases Balance Sheet Classification 2020 2019 ROU assets Other assets $ 84,227 $ 102,779 Lease liabilities Other liabilities $ 96,812 $ 109,608 Weighted average remaining lease term 7.5 years 8.1 years Weighted average discount rate 2.96 % 3.05 % |
Lease Payment Obligations | Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases 2021 $ 18,973 2022 18,131 2023 16,999 2024 14,852 2025 13,157 Thereafter 44,627 Total lease payments 126,739 Less: imputed interest (29,927) Present value of lease liabilities $ 96,812 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The following table presents the Corporation’s commitments to extend credit and letters of credit: 2020 2019 (in thousands) Commercial and industrial $ 5,245,041 $ 3,997,401 Real estate - commercial mortgage and real estate - construction 1,787,963 1,168,624 Real estate - home equity 1,618,051 1,523,494 Total commitments to extend credit $ 8,651,055 $ 6,689,519 Standby letters of credit $ 298,750 $ 303,020 Commercial letters of credit 56,229 50,432 Total letters of credit $ 354,979 $ 353,452 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: 2020 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 83,886 $ — $ 83,886 Available for sale investment securities: State and municipal securities — 952,613 — 952,613 Corporate debt securities — 367,145 — 367,145 Collateralized mortgage obligations — 503,766 — 503,766 Residential mortgage-backed securities — 377,998 — 377,998 Commercial mortgage-backed securities — 762,415 — 762,415 Auction rate securities — — 98,206 98,206 Total available for sale investment securities — 2,963,937 98,206 3,062,143 Other assets: Investments held in Rabbi Trust 24,383 — — 24,383 Derivative assets 323 338,987 — 339,310 Total assets $ 24,706 $ 3,386,810 $ 98,206 $ 3,509,722 Other liabilities: Deferred compensation liabilities $ 24,383 $ — $ — $ 24,383 Derivative liabilities 280 167,505 — 167,785 Total liabilities $ 24,663 $ 167,505 $ — $ 192,168 2019 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 37,828 $ — $ 37,828 Available for sale investment securities: State and municipal securities — 652,927 — 652,927 Corporate debt securities — 374,957 2,400 377,357 Collateralized mortgage obligations — 693,718 — 693,718 Residential mortgage-backed securities — 177,312 — 177,312 Commercial mortgage-backed securities — 494,297 — 494,297 Auction rate securities — — 101,926 101,926 Total available for sale investment securities — 2,393,211 104,326 2,497,537 Other assets: Investments held in Rabbi Trust 22,213 — — 22,213 Derivative assets 230 145,365 — 145,595 Total assets $ 22,443 $ 2,576,404 $ 104,326 $ 2,703,173 Other liabilities: Deferred compensation liabilities $ 22,213 $ — $ — $ 22,213 Derivative liabilities 199 76,447 — 76,646 Total liabilities $ 22,412 $ 76,447 $ — $ 98,859 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in AFS investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31: Pooled Trust Single-issuer ARCs (in thousands) Balance at December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770) — — Unrealized adjustment to fair value (1) (105) (4) (1,068) Discount accretion (2) — 4 — Balance at December 31, 2019 $ — $ 2,400 $ 101,926 Sales — (2,160) — Unrealized adjustment to fair value (1) — (242) (3,720) Discount accretion (2) — 2 — Balance at December 31, 2020 $ — $ — $ 98,206 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as AFS investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "AFS at estimated fair value" on the consolidated balance sheets. (2) Included as a component of "net interest income" on the consolidated statements of income. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis: 2020 2019 (in thousands) Loans, net $ 116,584 $ 144,807 OREO 4,178 6,831 MSRs (1) 28,245 45,193 Total assets $ 149,007 $ 196,831 (1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. See "Note 7 - Mortgage Servicing Rights" for additional information. |
Details of Book Value and Fair Value of Financial Instruments | The following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2020 and 2019. A general description of the methods and assumptions used to estimate such fair values is also provided. 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (in thousands) Cash and cash equivalents $ 1,847,832 $ 1,847,832 $ — $ — $ 1,847,832 FRB and FHLB stock 92,129 — 92,129 — 92,129 Loans held for sale 83,886 — 83,886 — 83,886 HTM securities 278,281 — 296,857 — 296,857 AFS securities 3,062,143 — 2,963,937 98,206 3,062,143 Net Loans 18,623,253 — — 18,354,532 18,354,532 Accrued interest receivable 72,942 72,942 — — 72,942 Other assets 650,425 279,015 338,987 32,423 650,425 FINANCIAL LIABILITIES Demand and savings deposits $ 18,279,358 $ 18,279,358 $ — $ — $ 18,279,358 Brokered deposits 335,185 295,185 41,206 — 336,391 Time deposits 2,224,664 — 2,246,457 — 2,246,457 Accrued interest payable 10,365 10,365 — — 10,365 Short-term borrowings 630,066 630,066 — — 630,066 Long-term borrowings 1,296,263 — 1,332,041 — 1,332,041 Other liabilities 338,747 156,869 167,505 14,373 338,747 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (in thousands) Cash and cash equivalents $ 517,791 $ 517,791 $ — $ — $ 517,791 FRB and FHLB stock 97,422 — 97,422 — 97,422 Loans held for sale 37,828 — 37,828 — 37,828 HTM securities 369,841 — 383,705 — 383,705 AFS securities 2,497,537 — 2,393,211 104,326 2,497,537 Net Loans 16,673,904 — — 16,485,122 16,485,122 Accrued interest receivable 60,898 60,898 — — 60,898 Other assets 431,565 234,176 145,365 52,024 431,565 FINANCIAL LIABILITIES Demand and savings deposits $ 14,327,453 $ 14,327,453 $ — $ — $ 14,327,453 Brokered deposits 264,531 224,531 40,549 — 265,080 Time deposits 2,801,930 — 2,828,988 — 2,828,988 Accrued interest payable 8,834 8,834 — — 8,834 Short-term borrowings 883,241 883,241 — — 883,241 Long-term borrowings 881,769 — 878,385 — 878,385 Other liabilities 221,542 142,508 76,447 2,587 221,542 |
Fair Value Measurement Inputs and Valuation Techniques | Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below: Significant Input Scenario Shock % Change in Valuation Prepayment Rate + 30% (22)% Prepayment Rate - 30% 20% Discount Rate - 200 bps (5)% Discount Rate + 200 bps 7% |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information Parent Only | CONDENSED BALANCE SHEETS December 31, 2020 2019 (in thousands) ASSETS Cash and cash equivalents $ 10,063 $ 10,841 Other assets 28,940 1,087 Receivable from subsidiaries 53,438 78,025 Investments in: Bank subsidiary 3,045,529 2,555,448 Non-bank subsidiaries 313,003 419,145 Total Assets $ 3,450,973 $ 3,064,546 LIABILITIES AND EQUITY Long-term borrowings $ 759,782 $ 387,756 Payable to non-bank subsidiaries — 276,768 Other liabilities 74,363 57,846 Total Liabilities 834,145 722,370 Shareholders’ equity 2,616,828 2,342,176 Total Liabilities and Shareholders’ Equity $ 3,450,973 $ 3,064,546 CONDENSED STATEMENTS OF INCOME 2020 2019 2018 (in thousands) Income: Dividends from subsidiaries $ 161,000 $ 209,000 $ 150,000 Other (1) 100 191,978 188,165 161,100 400,978 338,165 Expenses 48,634 218,837 210,333 Income before income taxes and equity in undistributed net income of subsidiaries 112,466 182,141 127,832 Income tax benefit (9,679) (5,798) (7,100) 122,145 187,939 134,932 Equity in undistributed net income (loss) of: Bank subsidiary 162,037 44,926 74,631 Non-bank subsidiaries (106,142) (6,526) (1,170) Net Income 178,040 226,339 208,393 Preferred stock dividends (2,135) — — Net Income Available to Common Shareholders $ 175,905 $ 226,339 $ 208,393 (1) Consists primarily of management fees received from subsidiary banks in 2019 and 2018. CONDENSED STATEMENTS OF CASH FLOWS 2020 2019 2018 (in thousands) Cash Flows From Operating Activities: Net Income $ 178,040 $ 226,339 $ 208,393 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 1,128 842 813 Stock-based compensation 7,529 7,413 7,967 (Increase) decrease in other assets (307,976) (20,449) 6,327 Equity in undistributed net income of subsidiaries (55,895) (38,400) (73,460) (Decrease) increase in other liabilities and payable to non-bank subsidiaries (244,598) 1,580 36,273 Total adjustments (599,812) (49,014) (22,080) Net cash provided by operating activities (421,772) 177,325 186,313 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term borrowings (19,453) — — Additions to long-term borrowings 370,898 — — Net proceeds from issuance of preferred stock 192,878 — — Net proceeds from issuance of common stock 7,375 6,362 6,733 Dividends paid (90,956) (92,330) (89,654) Acquisition of treasury stock (39,748) (111,457) (95,308) Net cash used in financing activities 420,994 (197,425) (178,229) Net (Decrease) Increase in Cash and Cash Equivalents (778) (20,100) 8,084 Cash and Cash Equivalents at Beginning of Year 10,841 30,941 22,857 Cash and Cash Equivalents at End of Year $ 10,063 $ 10,841 $ 30,941 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Narrative (Details) | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($)subsidiarytrusts | Dec. 31, 2018USD ($)subsidiarytrusts | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Line Items] | |||||||
Number of banks owned | subsidiarytrusts | 3 | ||||||
Days past due for nonaccrual status | 90 days | ||||||
Financing receivable, obtaining certified third-party appraisal for impaired loans, period | 12 months | ||||||
Reclassification of stranded tax effects | $ 0 | ||||||
Subsidiary trusts owned by parent | subsidiarytrusts | 3 | ||||||
Extension term of leases | 5 years | ||||||
Increase in ACL | $ 291,940,000 | $ 169,410,000 | $ 166,209,000 | $ 176,084,000 | |||
Change in retained earnings | 1,120,781,000 | 1,079,391,000 | |||||
Foreign currency open position | $ 500,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Increase in ACL | 58,348,000 | ||||||
Building and Building Improvements | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, useful life | 50 years | ||||||
Furniture and Fixtures | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, useful life | 8 years | ||||||
Equipment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, useful life | 5 years | ||||||
Consumer Loan | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of days closed end consumer loans are charged off when they become past due | 120 days | ||||||
Number of days open end consumer loans are charged off when they become past due | 180 days | ||||||
Residential Mortgage | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Change in ACL for certain OBS credit exposure | $ 1,100,000 | $ 3,200,000 | |||||
Accounting Standards Update 2018-02 | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Reclassification of stranded tax effects | $ 7,100,000 | ||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Increase in ACL | $ 58,300,000 | ||||||
Change in retained earnings | 43,800,000 | ||||||
Change in deferred tax assets | 12,400,000 | ||||||
Accounting Standards Update 2016-13 | Residential Mortgage | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Change in ACL for certain OBS credit exposure | $ (2,100,000) | ||||||
Accounting Standards Update 2016-13 | Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Change in ACL for certain OBS credit exposure | $ 2,100,000 | ||||||
Employee Equity Plan | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Directors' Plan | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Award vesting period | 1 year | ||||||
Minimum | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Remaining lease term of operating leases | 1 year | ||||||
Maximum | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Remaining lease term of operating leases | 20 years |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||
Collateral | $ 408.1 | $ 199.6 |
Subsidiaries | ||
Cash and Cash Equivalents [Line Items] | ||
Reserves against deposit liabilities | $ 218.9 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement [Line Items] | ||
Amortized Cost | $ 2,947,500 | |
Gross Unrealized Gains | 119,921 | |
Gross Unrealized Losses | (5,278) | |
Estimated Fair Value | 3,062,143 | $ 2,497,537 |
Amortized Cost, Held to Maturity | 278,281 | 369,841 |
Gross Unrealized Gains, Held to Maturity | 18,576 | |
Gross Unrealized Losses, Held to Maturity | 0 | |
HTM securities | 296,857 | |
State and municipal securities | ||
Statement [Line Items] | ||
Amortized Cost | 891,327 | |
Gross Unrealized Gains | 61,286 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 952,613 | |
Amortized Cost, Held to Maturity | 369,841 | |
Gross Unrealized Gains, Held to Maturity | 13,864 | |
Gross Unrealized Losses, Held to Maturity | 0 | |
HTM securities | 383,705 | |
Amortized Cost | 638,125 | |
Gross Unrealized Gains | 15,826 | |
Gross Unrealized Losses | (1,024) | |
Estimated Fair Value | 652,927 | |
Corporate debt securities | ||
Statement [Line Items] | ||
Amortized Cost | 348,391 | |
Gross Unrealized Gains | 19,445 | |
Gross Unrealized Losses | (691) | |
Estimated Fair Value | 367,145 | |
Amortized Cost | 370,401 | |
Gross Unrealized Gains | 8,490 | |
Gross Unrealized Losses | (1,534) | |
Estimated Fair Value | 377,357 | |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Amortized Cost | 491,321 | |
Gross Unrealized Gains | 12,560 | |
Gross Unrealized Losses | (115) | |
Estimated Fair Value | 503,766 | |
Amortized Cost | 682,307 | |
Gross Unrealized Gains | 11,726 | |
Gross Unrealized Losses | (315) | |
Estimated Fair Value | 693,718 | |
Residential mortgage-backed securities | ||
Statement [Line Items] | ||
Amortized Cost | 373,779 | |
Gross Unrealized Gains | 4,246 | |
Gross Unrealized Losses | (27) | |
Estimated Fair Value | 377,998 | |
Amortized Cost, Held to Maturity | 278,281 | 369,841 |
Gross Unrealized Gains, Held to Maturity | 18,576 | 13,864 |
Gross Unrealized Losses, Held to Maturity | 0 | 0 |
HTM securities | 296,857 | 383,705 |
Amortized Cost | 177,183 | |
Gross Unrealized Gains | 1,078 | |
Gross Unrealized Losses | (949) | |
Estimated Fair Value | 177,312 | |
Commercial mortgage-backed securities | ||
Statement [Line Items] | ||
Amortized Cost | 741,172 | |
Gross Unrealized Gains | 22,384 | |
Gross Unrealized Losses | (1,141) | |
Estimated Fair Value | 762,415 | |
Amortized Cost | 489,603 | |
Gross Unrealized Gains | 6,471 | |
Gross Unrealized Losses | (1,777) | |
Estimated Fair Value | 494,297 | |
Auction rate securities | ||
Statement [Line Items] | ||
Amortized Cost | 101,510 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (3,304) | |
Estimated Fair Value | $ 98,206 | |
Amortized Cost | 107,410 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (5,484) | |
Estimated Fair Value | 101,926 | |
Debt securities | ||
Statement [Line Items] | ||
Amortized Cost | 2,465,029 | |
Gross Unrealized Gains | 43,591 | |
Gross Unrealized Losses | (11,083) | |
Estimated Fair Value | $ 2,497,537 |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | Aug. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2019 |
HTM, at amortized cost | $ 278,281 | $ 369,841 | |||
HTM securities | 296,857 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Amortized Cost | $ 665,500 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Fair Value | 641,700 | ||||
Amortized cost basis | 2,947,500 | ||||
Estimated Fair Value | 3,062,143 | 2,497,537 | |||
Prepayment penalty on FHLB advances | 2,878 | 4,326 | $ 0 | ||
Balance of cumulative credit losses on debt securities | 990 | 990 | $ 11,500 | ||
Collateral Pledged | |||||
Available-for-sale securities pledged as collateral | 520,500 | 462,600 | |||
Debt securities | |||||
HTM, at amortized cost | 79,000 | 409,200 | |||
HTM securities | 82,000 | 413,700 | |||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | 3,000 | 4,500 | |||
Prepayment penalty on FHLB advances | 2,900 | 4,300 | |||
Residential mortgage-backed securities | |||||
HTM, at amortized cost | 278,281 | 369,841 | |||
HTM securities | 296,857 | 383,705 | |||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Amortized Cost | 505,500 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Fair Value | 485,300 | ||||
Amortized cost basis | 373,779 | ||||
Estimated Fair Value | 377,998 | ||||
Auction rate securities | |||||
Amortized cost basis | 101,510 | ||||
Estimated Fair Value | 98,206 | ||||
State and municipal securities | |||||
HTM, at amortized cost | 369,841 | ||||
HTM securities | $ 383,705 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Amortized Cost | 160,000 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Fair Value | $ 156,400 | ||||
Amortized cost basis | 891,327 | ||||
Estimated Fair Value | $ 952,613 | ||||
Accounting Standards Update 2019-04 | State and municipal securities | |||||
HTM, at amortized cost | $ 158,900 | ||||
HTM securities | $ 168,500 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for Sale | ||
Due in one year or less | $ 11,250 | |
Due from one year to five years | 39,069 | |
Due from five years to ten years | 327,456 | |
Due after ten years | 963,453 | |
Amortized cost, before securities without debt maturities | 1,341,228 | |
Amortized Cost | 2,947,500 | |
Estimated Fair Value | ||
Due in one year or less | 11,350 | |
Due from one year to five years | 40,717 | |
Due from five years to ten years | 345,612 | |
Due after ten years | 1,020,285 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,417,964 | |
Estimated Fair Value | 3,062,143 | $ 2,497,537 |
Amortized Cost | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 0 | |
Due after ten years | 0 | |
Debt securities, held-to-maturity, maturity, allocated and single maturity date, amortized cost, total | 0 | |
Amortized Cost, Held to Maturity | 278,281 | 369,841 |
Estimated Fair Value | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 0 | |
Due after ten years | 0 | |
Debt securities, held-to-maturity, maturity, Allocated and single maturity date, fair value | 0 | |
Estimated Fair Value, Held to Maturity | 296,857 | |
Collateralized mortgage obligations | ||
Available for Sale | ||
Available-for-sale securities, amortized cost without single maturity date | 491,321 | |
Amortized Cost | 491,321 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 503,766 | |
Estimated Fair Value | 503,766 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Commercial mortgage-backed securities | ||
Available for Sale | ||
Available-for-sale securities, amortized cost without single maturity date | 741,172 | |
Amortized Cost | 741,172 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 762,415 | |
Estimated Fair Value | 762,415 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Residential mortgage-backed securities | ||
Available for Sale | ||
Available-for-sale securities, amortized cost without single maturity date | 373,779 | |
Amortized Cost | 373,779 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 377,998 | |
Estimated Fair Value | 377,998 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 278,281 | |
Amortized Cost, Held to Maturity | 278,281 | 369,841 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 296,857 | |
Estimated Fair Value, Held to Maturity | $ 296,857 | $ 383,705 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain (Loss) on Securities [Line Items] | |||
Debt securities, Gross Realized Gains | $ 6,545 | $ 11,554 | $ 1,665 |
Debt securities, Gross Realized Losses | (3,492) | (6,821) | (1,628) |
Debt securities, Net Gains (Losses) | $ 3,053 | $ 4,733 | $ 37 |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 22 | 66 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 266,636 | $ 334,515 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,660) | $ (3,377) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 163 | 212 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 105,077 | $ 253,388 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (3,618) | (7,706) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 371,713 | 587,903 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (5,278) | $ (11,083) |
State and municipal securities | ||
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 44 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 136,344 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,024) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 136,344 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,024) | |
Corporate debt securities | ||
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 9 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 44,528 | $ 30,719 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (377) | $ (346) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 1 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 6,871 | $ 18,759 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (314) | (1,188) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 51,399 | 49,478 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (691) | $ (1,534) |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 3 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 57,601 | $ 33,865 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (115) | $ (190) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 5,330 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | (125) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 57,601 | 39,195 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (115) | $ (315) |
Residential mortgage-backed securities | ||
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 1 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 20,124 | $ 12,247 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (27) | $ (40) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 26 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 127,373 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | (909) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 20,124 | 139,620 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (27) | $ (949) |
Commercial mortgage-backed securities | ||
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 9 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 144,383 | $ 121,340 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,141) | $ (1,777) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 144,383 | 121,340 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,141) | $ (1,777) |
Auction rate securities | ||
Statement [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 162 | 177 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 98,206 | $ 101,926 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (3,304) | (5,484) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 98,206 | 101,926 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (3,304) | $ (5,484) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 18,923,921 | $ 16,864,336 |
Unearned income | (23,101) | (26,810) |
Net Loans | 18,900,820 | 16,837,526 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 7,105,092 | 6,700,776 |
Net Loans | 7,105,092 | 6,700,776 |
Commercial and industrial (1) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 5,670,828 | 4,446,701 |
Net Loans | 5,670,828 | 4,446,701 |
Commercial and industrial (1) | PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,600,000 | |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,141,915 | 2,641,465 |
Net Loans | 3,141,915 | 2,641,465 |
Real estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,202,913 | 1,314,944 |
Net Loans | 1,202,913 | 1,314,944 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,047,218 | 971,079 |
Net Loans | 1,047,218 | 971,079 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 466,772 | 463,164 |
Net Loans | 466,772 | 463,164 |
Equipment lease financing and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 284,377 | 322,625 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 4,806 | $ 3,582 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and leases receivable, related parties | $ 162,500 | $ 90,100 |
Proceeds from related party debt | 103,500 | |
Repayments of related party debt | $ 31,100 | |
Impaired loans with principal balances | 83.00% | 93.00% |
No Related Allowance, Unpaid Principal Balance | $ 68,595 | |
Excluded from TDRs | 3,500,000 | |
Financing Receivable, Nonaccrual, Interest Income Not Recorded | 5,800 | |
Financing Receivable, Nonaccrual, Interest Income | 290 | |
Minimum | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired Loan Balances Allocated Reserves | 1,000 | $ 1,000 |
Impaired loans balances, real estate as collateral | $ 1,000 | $ 1,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||||
ACL - loans | $ 277,567 | $ 163,622 | $ 160,537 | |
ACL - OBS credit exposure | 14,373 | 2,587 | 8,873 | |
Total ACL | $ 291,940 | $ 166,209 | $ 169,410 | $ 176,084 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 166,209 | $ 169,410 | $ 176,084 |
Loans charged off | 30,557 | ||
Recoveries of loans previously charged off | 21,020 | ||
Net loans recovered (charged off) | (9,537) | ||
Provision for credit losses | 76,920 | ||
Ending balance | 291,940 | 166,209 | 169,410 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 58,348 | ||
Ending balance | 58,348 | ||
Off-Balance Sheet | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | 840 | 2,600 | 8,900 |
Ending balance | 14,400 | ||
Off-Balance Sheet | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ (6,300) | 2,700 | |
Ending balance | $ (6,300) | $ 2,700 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 166,209 | $ 169,410 | $ 176,084 |
Loans charged off | 30,557 | ||
Recoveries of loans previously charged off | 21,020 | ||
Net loans recovered (charged off) | (9,537) | ||
Provision for credit losses | 76,920 | ||
Ending balance | 291,940 | 166,209 | 169,410 |
Loans charged off | (53,189) | (66,076) | |
Recoveries of loans previously charged off | 17,163 | 12,495 | |
Net loans recovered (charged off) | (36,026) | (53,581) | |
Provision for credit losses | 76,920 | 32,825 | 46,907 |
Provision for loan losses | 39,111 | ||
ACL - loans | 277,567 | 163,622 | 160,537 |
Real estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (1,837) | ||
Recoveries of loans previously charged off | 2,202 | ||
Net loans recovered (charged off) | 365 | ||
Provision for loan losses | (7,644) | ||
ACL - loans | 45,610 | 52,889 | |
Commercial and industrial (1) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (42,410) | ||
Recoveries of loans previously charged off | 8,721 | ||
Net loans recovered (charged off) | (33,689) | ||
Provision for loan losses | 43,423 | ||
ACL - loans | 68,602 | 58,868 | |
Real estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (1,291) | ||
Recoveries of loans previously charged off | 688 | ||
Net loans recovered (charged off) | (603) | ||
Provision for loan losses | (564) | ||
ACL - loans | 17,744 | 18,911 | |
Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (1,545) | ||
Recoveries of loans previously charged off | 989 | ||
Net loans recovered (charged off) | (556) | ||
Provision for loan losses | 1,406 | ||
ACL - loans | 19,771 | 18,921 | |
Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (143) | ||
Recoveries of loans previously charged off | 2,591 | ||
Net loans recovered (charged off) | 2,448 | ||
Provision for loan losses | (3,066) | ||
ACL - loans | 4,443 | 5,061 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (3,403) | ||
Recoveries of loans previously charged off | 1,306 | ||
Net loans recovered (charged off) | (2,097) | ||
Provision for loan losses | 2,642 | ||
ACL - loans | 3,762 | 3,217 | |
Leasing and other and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans charged off | (2,560) | ||
Recoveries of loans previously charged off | 666 | ||
Net loans recovered (charged off) | (1,894) | ||
Provision for loan losses | 2,914 | ||
ACL - loans | 3,690 | $ 2,670 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 58,348 | ||
Ending balance | 58,348 | ||
Loans - Excluding OBS Credit Exposure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 163,622 | ||
Loans charged off | 30,557 | ||
Recoveries of loans previously charged off | 21,020 | ||
Net loans recovered (charged off) | (9,537) | ||
Provision for credit losses | 77,760 | ||
Ending balance | 277,567 | 163,622 | |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 45,610 | ||
Loans charged off | 4,225 | ||
Recoveries of loans previously charged off | 1,027 | ||
Net loans recovered (charged off) | (3,198) | ||
Provision for credit losses | 31,652 | ||
Ending balance | 103,425 | 45,610 | |
Loans - Excluding OBS Credit Exposure [Member] | Commercial and industrial (1) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 68,602 | ||
Loans charged off | 18,915 | ||
Recoveries of loans previously charged off | 11,396 | ||
Net loans recovered (charged off) | (7,519) | ||
Provision for credit losses | 32,264 | ||
Ending balance | 74,771 | 68,602 | |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 17,744 | ||
Loans charged off | 1,193 | ||
Recoveries of loans previously charged off | 504 | ||
Net loans recovered (charged off) | (689) | ||
Provision for credit losses | (2,758) | ||
Ending balance | 14,232 | 17,744 | |
Loans - Excluding OBS Credit Exposure [Member] | Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 19,771 | ||
Loans charged off | 620 | ||
Recoveries of loans previously charged off | 491 | ||
Net loans recovered (charged off) | (129) | ||
Provision for credit losses | 11,118 | ||
Ending balance | 51,995 | 19,771 | |
Loans - Excluding OBS Credit Exposure [Member] | Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 4,443 | ||
Loans charged off | 17 | ||
Recoveries of loans previously charged off | 5,122 | ||
Net loans recovered (charged off) | 5,105 | ||
Provision for credit losses | 2,045 | ||
Ending balance | 15,608 | 4,443 | |
Loans - Excluding OBS Credit Exposure [Member] | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 3,762 | ||
Loans charged off | 3,400 | ||
Recoveries of loans previously charged off | 1,875 | ||
Net loans recovered (charged off) | (1,525) | ||
Provision for credit losses | 2,699 | ||
Ending balance | 10,905 | 3,762 | |
Loans - Excluding OBS Credit Exposure [Member] | Leasing and other and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 3,690 | ||
Loans charged off | 2,187 | ||
Recoveries of loans previously charged off | 605 | ||
Net loans recovered (charged off) | (1,582) | ||
Provision for credit losses | 741 | ||
Ending balance | 6,633 | 3,690 | |
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 45,723 | ||
Ending balance | 45,723 | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 29,361 | ||
Ending balance | 29,361 | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial (1) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | (18,576) | ||
Ending balance | (18,576) | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | (65) | ||
Ending balance | (65) | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 21,235 | ||
Ending balance | 21,235 | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real-estate - construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 4,015 | ||
Ending balance | 4,015 | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 5,969 | ||
Ending balance | 5,969 | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Leasing and other and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 3,784 | ||
Ending balance | $ 3,784 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 68,603 | |
No Related Allowance, Unpaid Principal Balance | 68,595 | |
Unpaid Principal Balance | 137,198 | $ 125,098 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 19,909 | |
No Related Allowance, Unpaid Principal Balance | 31,561 | |
Unpaid Principal Balance | 51,470 | 33,166 |
Commercial - secured | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 13,937 | |
No Related Allowance, Unpaid Principal Balance | 18,056 | |
Unpaid Principal Balance | 31,993 | 48,106 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 24,590 | |
No Related Allowance, Unpaid Principal Balance | 1,517 | |
Unpaid Principal Balance | 26,107 | 16,676 |
Construction - commercial residential | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 437 | |
No Related Allowance, Unpaid Principal Balance | 958 | |
Unpaid Principal Balance | 1,395 | 3,618 |
Real estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 9,398 | |
No Related Allowance, Unpaid Principal Balance | 190 | |
Unpaid Principal Balance | 9,588 | 7,004 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 332 | |
No Related Allowance, Unpaid Principal Balance | 0 | |
Unpaid Principal Balance | 332 | 0 |
Leasing and other and overdrafts | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 0 | |
No Related Allowance, Unpaid Principal Balance | 16,313 | |
Unpaid Principal Balance | $ 16,313 | $ 16,528 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total | ||
Current period gross charge-offs | $ (30,557) | |
Current period recoveries | 21,020 | |
Net loans recovered (charged off) | (9,537) | |
Gross loans | 18,923,921 | $ 16,864,336 |
Real estate - home equity | ||
Total | ||
Gross loans | 1,202,913 | 1,314,944 |
Real estate - residential mortgage | ||
Total | ||
Gross loans | 3,141,915 | 2,641,465 |
Consumer | ||
Total | ||
Gross loans | 466,772 | 463,164 |
Commercial and industrial (1) | ||
Total | ||
Gross loans | 5,670,828 | 4,446,701 |
Commercial and industrial (1) | PPP Loans | ||
Total | ||
Gross loans | 1,600,000 | |
Commercial and industrial (1) | Pass | ||
Total | ||
Gross loans | 4,065,834 | |
Commercial and industrial (1) | Special Mention | ||
Total | ||
Gross loans | 181,107 | |
Commercial and industrial (1) | Substandard or Lower | ||
Total | ||
Gross loans | 199,760 | |
Real estate - commercial mortgage | ||
Total | ||
Gross loans | 7,105,092 | 6,700,776 |
Real estate - commercial mortgage | Pass | ||
Total | ||
Gross loans | 6,429,407 | |
Real estate - commercial mortgage | Special Mention | ||
Total | ||
Gross loans | 137,163 | |
Real estate - commercial mortgage | Substandard or Lower | ||
Total | ||
Gross loans | 134,206 | |
Commercial - secured | ||
Total | ||
Gross loans | 4,198,173 | |
Commercial - secured | Pass | ||
Total | ||
Gross loans | 3,830,847 | |
Commercial - secured | Special Mention | ||
Total | ||
Gross loans | 171,442 | |
Commercial - secured | Substandard or Lower | ||
Total | ||
Gross loans | 195,884 | |
Commercial - unsecured | ||
Total | ||
Gross loans | 248,528 | |
Commercial - unsecured | Pass | ||
Total | ||
Gross loans | 234,987 | |
Commercial - unsecured | Special Mention | ||
Total | ||
Gross loans | 9,665 | |
Commercial - unsecured | Substandard or Lower | ||
Total | ||
Gross loans | 3,876 | |
Construction - commercial residential | ||
Total | ||
Gross loans | 107,166 | |
Construction - commercial residential | Pass | ||
Total | ||
Gross loans | 100,808 | |
Construction - commercial residential | Special Mention | ||
Total | ||
Gross loans | 2,897 | |
Construction - commercial residential | Substandard or Lower | ||
Total | ||
Gross loans | 3,461 | |
Construction - commercial | ||
Total | ||
Gross loans | 769,560 | |
Construction - commercial | Pass | ||
Total | ||
Gross loans | 765,562 | |
Construction - commercial | Special Mention | ||
Total | ||
Gross loans | 1,322 | |
Construction - commercial | Substandard or Lower | ||
Total | ||
Gross loans | 2,676 | |
Total construction (excluding construction - other) | ||
Total | ||
Gross loans | 876,726 | |
Total construction (excluding construction - other) | Pass | ||
Total | ||
Gross loans | 866,370 | |
Total construction (excluding construction - other) | Special Mention | ||
Total | ||
Gross loans | 4,219 | |
Total construction (excluding construction - other) | Substandard or Lower | ||
Total | ||
Gross loans | 6,137 | |
Commerical mortgage and construction | ||
Total | ||
Gross loans | $ 12,024,203 | |
Percentage of total loans rated | 100.00% | |
Commerical mortgage and construction | Pass | ||
Total | ||
Gross loans | $ 11,361,611 | |
Percentage of total loans rated | 94.50% | |
Commerical mortgage and construction | Special Mention | ||
Total | ||
Gross loans | $ 322,489 | |
Percentage of total loans rated | 2.70% | |
Commerical mortgage and construction | Substandard or Lower | ||
Total | ||
Gross loans | $ 340,103 | |
Percentage of total loans rated | 2.80% | |
Payment Activity, Aging Status [Member] | ||
2020 | ||
Total | 1,600,529 | |
2019 | ||
Total | 785,422 | |
2018 | ||
Total | 397,005 | |
2017 | ||
Total | 449,934 | |
2016 | ||
Total | 319,307 | |
Prior | ||
Total | 627,069 | |
Revolving Loans Amortized Cost Basis | ||
Total | 1,044,502 | |
Total | ||
Total | 5,229,131 | |
Gross loans | $ 4,813,323 | |
Percentage of total loans rated | 100.00% | |
Payment Activity, Aging Status [Member] | Performing | ||
2020 | ||
Total | 1,600,144 | |
2019 | ||
Total | 782,832 | |
2018 | ||
Total | 393,651 | |
2017 | ||
Total | 430,916 | |
2016 | ||
Total | 318,108 | |
Prior | ||
Total | 602,764 | |
Revolving Loans Amortized Cost Basis | ||
Total | 1,034,983 | |
Total | ||
Total | 5,168,761 | |
Gross loans | $ 4,705,746 | |
Percentage of total loans rated | 97.80% | |
Payment Activity, Aging Status [Member] | Delinquent | ||
Total | ||
Gross loans | $ 56,689 | |
Percentage of total loans rated | 1.20% | |
Payment Activity, Aging Status [Member] | Non-performing | ||
2020 | ||
Total | 385 | |
2019 | ||
Total | 2,590 | |
2018 | ||
Total | 3,354 | |
2017 | ||
Total | 19,018 | |
2016 | ||
Total | 1,199 | |
Prior | ||
Total | 24,305 | |
Revolving Loans Amortized Cost Basis | ||
Total | 9,519 | |
Total | ||
Total | 60,370 | |
Gross loans | $ 50,888 | |
Percentage of total loans rated | 1.00% | |
Payment Activity, Aging Status [Member] | Real estate - home equity | ||
2020 | ||
Total | 31,445 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2019 | ||
Total | 8,264 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2018 | ||
Total | 13,929 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2017 | ||
Total | 11,257 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2016 | ||
Total | 11,888 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Prior | ||
Total | 129,039 | |
Current period gross charge-offs | (34) | |
Current period recoveries | 138 | |
Total net (charge-offs) recoveries | 104 | |
Revolving Loans Amortized Cost Basis | ||
Total | 991,770 | |
Current period gross charge-offs | (1,159) | |
Current period recoveries | 366 | |
Total net (charge-offs) recoveries | (793) | |
Total | ||
Total | 1,202,913 | |
Current period gross charge-offs | (1,193) | |
Current period recoveries | 504 | |
Net loans recovered (charged off) | (689) | |
Gross loans | $ 1,314,944 | |
Payment Activity, Aging Status [Member] | Real estate - home equity | Performing | ||
2020 | ||
Total | 31,445 | |
2019 | ||
Total | 8,176 | |
2018 | ||
Total | 13,906 | |
2017 | ||
Total | 11,024 | |
2016 | ||
Total | 11,667 | |
Prior | ||
Total | 126,749 | |
Revolving Loans Amortized Cost Basis | ||
Total | 982,285 | |
Total | ||
Total | 1,190,573 | |
Gross loans | 1,292,035 | |
Payment Activity, Aging Status [Member] | Real estate - home equity | Delinquent | ||
Total | ||
Gross loans | 12,341 | |
Payment Activity, Aging Status [Member] | Real estate - home equity | Non-performing | ||
2020 | ||
Total | 0 | |
2019 | ||
Total | 88 | |
2018 | ||
Total | 23 | |
2017 | ||
Total | 233 | |
2016 | ||
Total | 221 | |
Prior | ||
Total | 2,290 | |
Revolving Loans Amortized Cost Basis | ||
Total | 9,485 | |
Total | ||
Total | 12,340 | |
Gross loans | 10,568 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | ||
2020 | ||
Total | 1,255,749 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2019 | ||
Total | 588,361 | |
Current period gross charge-offs | (68) | |
Current period recoveries | 68 | |
Total net (charge-offs) recoveries | 0 | |
2018 | ||
Total | 231,575 | |
Current period gross charge-offs | (101) | |
Current period recoveries | 16 | |
Total net (charge-offs) recoveries | (85) | |
2017 | ||
Total | 344,046 | |
Current period gross charge-offs | (190) | |
Current period recoveries | 1 | |
Total net (charge-offs) recoveries | (189) | |
2016 | ||
Total | 265,712 | |
Current period gross charge-offs | (7) | |
Current period recoveries | 1 | |
Total net (charge-offs) recoveries | (6) | |
Prior | ||
Total | 456,472 | |
Current period gross charge-offs | (254) | |
Current period recoveries | 405 | |
Total net (charge-offs) recoveries | 151 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Total | ||
Total | 3,141,915 | |
Current period gross charge-offs | (620) | |
Current period recoveries | 491 | |
Net loans recovered (charged off) | (129) | |
Gross loans | 2,641,465 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | ||
2020 | ||
Total | 1,255,532 | |
2019 | ||
Total | 585,878 | |
2018 | ||
Total | 228,398 | |
2017 | ||
Total | 341,563 | |
2016 | ||
Total | 264,990 | |
Prior | ||
Total | 434,889 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 3,111,250 | |
Gross loans | 2,584,763 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Delinquent | ||
Total | ||
Gross loans | 34,291 | |
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Non-performing | ||
2020 | ||
Total | 217 | |
2019 | ||
Total | 2,483 | |
2018 | ||
Total | 3,177 | |
2017 | ||
Total | 2,483 | |
2016 | ||
Total | 722 | |
Prior | ||
Total | 21,583 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 30,665 | |
Gross loans | 22,411 | |
Payment Activity, Aging Status [Member] | Consumer | ||
2020 | ||
Total | 114,567 | |
Current period gross charge-offs | (134) | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | (134) | |
2019 | ||
Total | 98,606 | |
Current period gross charge-offs | (542) | |
Current period recoveries | 64 | |
Total net (charge-offs) recoveries | (478) | |
2018 | ||
Total | 95,196 | |
Current period gross charge-offs | (524) | |
Current period recoveries | 165 | |
Total net (charge-offs) recoveries | (359) | |
2017 | ||
Total | 43,475 | |
Current period gross charge-offs | (444) | |
Current period recoveries | 159 | |
Total net (charge-offs) recoveries | (285) | |
2016 | ||
Total | 25,918 | |
Current period gross charge-offs | (489) | |
Current period recoveries | 94 | |
Total net (charge-offs) recoveries | (395) | |
Prior | ||
Total | 36,236 | |
Current period gross charge-offs | (769) | |
Current period recoveries | 101 | |
Total net (charge-offs) recoveries | (668) | |
Revolving Loans Amortized Cost Basis | ||
Total | 52,732 | |
Current period gross charge-offs | (498) | |
Current period recoveries | 1,292 | |
Total net (charge-offs) recoveries | 794 | |
Total | ||
Total | 466,772 | |
Current period gross charge-offs | (3,400) | |
Current period recoveries | 1,875 | |
Net loans recovered (charged off) | (1,525) | |
Gross loans | 463,164 | |
Payment Activity, Aging Status [Member] | Consumer | Performing | ||
2020 | ||
Total | 114,399 | |
2019 | ||
Total | 98,587 | |
2018 | ||
Total | 95,072 | |
2017 | ||
Total | 43,334 | |
2016 | ||
Total | 25,804 | |
Prior | ||
Total | 36,086 | |
Revolving Loans Amortized Cost Basis | ||
Total | 52,698 | |
Total | ||
Total | 466,022 | |
Gross loans | 457,556 | |
Payment Activity, Aging Status [Member] | Consumer | Delinquent | ||
Total | ||
Gross loans | 5,150 | |
Payment Activity, Aging Status [Member] | Consumer | Non-performing | ||
2020 | ||
Total | 168 | |
2019 | ||
Total | 19 | |
2018 | ||
Total | 124 | |
2017 | ||
Total | 141 | |
2016 | ||
Total | 114 | |
Prior | ||
Total | 150 | |
Revolving Loans Amortized Cost Basis | ||
Total | 34 | |
Total | ||
Total | 750 | |
Gross loans | 458 | |
Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | ||
2020 | ||
Total | 102,324 | |
Current period gross charge-offs | (606) | |
Current period recoveries | 185 | |
Total net (charge-offs) recoveries | (421) | |
2019 | ||
Total | 65,303 | |
Current period gross charge-offs | (1,581) | |
Current period recoveries | 349 | |
Total net (charge-offs) recoveries | (1,232) | |
2018 | ||
Total | 49,483 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 21 | |
Total net (charge-offs) recoveries | 21 | |
2017 | ||
Total | 50,978 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 18 | |
Total net (charge-offs) recoveries | 18 | |
2016 | ||
Total | 15,773 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 11 | |
Total net (charge-offs) recoveries | 11 | |
Prior | ||
Total | 5,322 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 21 | |
Total net (charge-offs) recoveries | 21 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Total | ||
Total | 289,183 | |
Current period gross charge-offs | (2,187) | |
Current period recoveries | 605 | |
Net loans recovered (charged off) | (1,582) | |
Gross loans | 299,397 | |
Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | Performing | ||
2020 | ||
Total | 102,324 | |
2019 | ||
Total | 65,303 | |
2018 | ||
Total | 49,453 | |
2017 | ||
Total | 34,995 | |
2016 | ||
Total | 15,631 | |
Prior | ||
Total | 5,040 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 272,746 | |
Gross loans | 278,743 | |
Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | Delinquent | ||
Total | ||
Gross loans | 4,012 | |
Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | Non-performing | ||
2020 | ||
Total | 0 | |
2019 | ||
Total | 0 | |
2018 | ||
Total | 30 | |
2017 | ||
Total | 15,983 | |
2016 | ||
Total | 142 | |
Prior | ||
Total | 282 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 16,437 | |
Gross loans | 16,642 | |
Payment Activity, Aging Status [Member] | Construction - other | ||
2020 | ||
Total | 96,444 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2019 | ||
Total | 24,888 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2018 | ||
Total | 6,822 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2017 | ||
Total | 178 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2016 | ||
Total | 16 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Prior | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Total | ||
Total | 128,348 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Net loans recovered (charged off) | 0 | |
Gross loans | 94,353 | |
Payment Activity, Aging Status [Member] | Construction - other | Performing | ||
2020 | ||
Total | 96,444 | |
2019 | ||
Total | 24,888 | |
2018 | ||
Total | 6,822 | |
2017 | ||
Total | 0 | |
2016 | ||
Total | 16 | |
Prior | ||
Total | 0 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 128,170 | |
Gross loans | 92,649 | |
Payment Activity, Aging Status [Member] | Construction - other | Delinquent | ||
Total | ||
Gross loans | 895 | |
Payment Activity, Aging Status [Member] | Construction - other | Non-performing | ||
2020 | ||
Total | 0 | |
2019 | ||
Total | 0 | |
2018 | ||
Total | 0 | |
2017 | ||
Total | 178 | |
2016 | ||
Total | 0 | |
Prior | ||
Total | 0 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 178 | |
Gross loans | 809 | |
Payment Activity, Aging Status [Member] | Consumer | ||
Total | ||
Gross loans | 64,237 | |
Payment Activity, Aging Status [Member] | Consumer | Performing | ||
Total | ||
Gross loans | 63,582 | |
Payment Activity, Aging Status [Member] | Consumer | Delinquent | ||
Total | ||
Gross loans | 465 | |
Payment Activity, Aging Status [Member] | Consumer | Non-performing | ||
Total | ||
Gross loans | 190 | |
Payment Activity, Aging Status [Member] | Consumer - indirect | ||
Total | ||
Gross loans | 398,927 | |
Payment Activity, Aging Status [Member] | Consumer - indirect | Performing | ||
Total | ||
Gross loans | 393,974 | |
Payment Activity, Aging Status [Member] | Consumer - indirect | Delinquent | ||
Total | ||
Gross loans | 4,685 | |
Payment Activity, Aging Status [Member] | Consumer - indirect | Non-performing | ||
Total | ||
Gross loans | $ 268 | |
Portfolio Segment and Loan Class [Member] | ||
2020 | ||
Total | 3,467,811 | |
2019 | ||
Total | 1,732,931 | |
2018 | ||
Total | 1,353,012 | |
2017 | ||
Total | 1,234,058 | |
2016 | ||
Total | 1,171,834 | |
Prior | ||
Total | 3,248,551 | |
Revolving Loans Amortized Cost Basis | ||
Total | 1,485,249 | |
Total | ||
Total | 13,694,790 | |
Portfolio Segment and Loan Class [Member] | Pass | ||
2020 | ||
Total | 3,443,080 | |
2019 | ||
Total | 1,655,148 | |
2018 | ||
Total | 1,225,117 | |
2017 | ||
Total | 1,090,130 | |
2016 | ||
Total | 1,029,619 | |
Prior | ||
Total | 2,920,459 | |
Revolving Loans Amortized Cost Basis | ||
Total | 1,369,756 | |
Total | ||
Total | 12,733,713 | |
Portfolio Segment and Loan Class [Member] | Special Mention | ||
2020 | ||
Total | 20,272 | |
2019 | ||
Total | 64,708 | |
2018 | ||
Total | 113,214 | |
2017 | ||
Total | 91,650 | |
2016 | ||
Total | 107,665 | |
Prior | ||
Total | 199,596 | |
Revolving Loans Amortized Cost Basis | ||
Total | 48,358 | |
Total | ||
Total | 645,463 | |
Portfolio Segment and Loan Class [Member] | Substandard or Lower | ||
2020 | ||
Total | 4,459 | |
2019 | ||
Total | 13,075 | |
2018 | ||
Total | 14,681 | |
2017 | ||
Total | 52,278 | |
2016 | ||
Total | 34,550 | |
Prior | ||
Total | 128,496 | |
Revolving Loans Amortized Cost Basis | ||
Total | 67,135 | |
Total | ||
Total | 315,614 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction | ||
2020 | ||
Total | 185,883 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2019 | ||
Total | 229,544 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2018 | ||
Total | 217,604 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2017 | ||
Total | 83,086 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2016 | ||
Total | 45,776 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 68 | |
Total net (charge-offs) recoveries | 68 | |
Prior | ||
Total | 118,319 | |
Current period gross charge-offs | (17) | |
Current period recoveries | 5,054 | |
Total net (charge-offs) recoveries | 5,037 | |
Revolving Loans Amortized Cost Basis | ||
Total | 38,658 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Total | ||
Total | 918,870 | |
Current period gross charge-offs | (17) | |
Current period recoveries | 5,122 | |
Net loans recovered (charged off) | 5,105 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction | Pass | ||
2020 | ||
Total | 185,883 | |
2019 | ||
Total | 229,097 | |
2018 | ||
Total | 217,604 | |
2017 | ||
Total | 81,086 | |
2016 | ||
Total | 37,976 | |
Prior | ||
Total | 110,470 | |
Revolving Loans Amortized Cost Basis | ||
Total | 38,026 | |
Total | ||
Total | 900,142 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction | Special Mention | ||
2020 | ||
Total | 0 | |
2019 | ||
Total | 0 | |
2018 | ||
Total | 0 | |
2017 | ||
Total | 0 | |
2016 | ||
Total | 7,047 | |
Prior | ||
Total | 6,212 | |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Total | ||
Total | 13,259 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction | Substandard or Lower | ||
2020 | ||
Total | 0 | |
2019 | ||
Total | 447 | |
2018 | ||
Total | 0 | |
2017 | ||
Total | 2,000 | |
2016 | ||
Total | 753 | |
Prior | ||
Total | 1,637 | |
Revolving Loans Amortized Cost Basis | ||
Total | 632 | |
Total | ||
Total | 5,469 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | ||
2020 | ||
Total | 2,293,387 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
2019 | ||
Total | 538,322 | |
Current period gross charge-offs | (114) | |
Current period recoveries | 43 | |
Total net (charge-offs) recoveries | (71) | |
2018 | ||
Total | 336,168 | |
Current period gross charge-offs | (30) | |
Current period recoveries | 486 | |
Total net (charge-offs) recoveries | 456 | |
2017 | ||
Total | 236,285 | |
Current period gross charge-offs | (488) | |
Current period recoveries | 216 | |
Total net (charge-offs) recoveries | (272) | |
2016 | ||
Total | 231,247 | |
Current period gross charge-offs | (393) | |
Current period recoveries | 162 | |
Total net (charge-offs) recoveries | (231) | |
Prior | ||
Total | 646,458 | |
Current period gross charge-offs | (520) | |
Current period recoveries | 4,531 | |
Total net (charge-offs) recoveries | 4,011 | |
Revolving Loans Amortized Cost Basis | ||
Total | 1,388,961 | |
Current period gross charge-offs | (17,370) | |
Current period recoveries | 5,958 | |
Total net (charge-offs) recoveries | (11,412) | |
Total | ||
Total | 5,670,828 | |
Current period gross charge-offs | (18,915) | |
Current period recoveries | 11,396 | |
Net loans recovered (charged off) | (7,519) | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Pass | ||
2020 | ||
Total | 2,283,533 | |
2019 | ||
Total | 508,541 | |
2018 | ||
Total | 298,567 | |
2017 | ||
Total | 214,089 | |
2016 | ||
Total | 208,549 | |
Prior | ||
Total | 596,646 | |
Revolving Loans Amortized Cost Basis | ||
Total | 1,278,689 | |
Total | ||
Total | 5,388,614 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Pass | PPP Loans | ||
Total | ||
Total | 1,600 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Special Mention | ||
2020 | ||
Total | 6,633 | |
2019 | ||
Total | 23,834 | |
2018 | ||
Total | 29,167 | |
2017 | ||
Total | 10,945 | |
2016 | ||
Total | 11,506 | |
Prior | ||
Total | 25,960 | |
Revolving Loans Amortized Cost Basis | ||
Total | 45,994 | |
Total | ||
Total | 154,039 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Substandard or Lower | ||
2020 | ||
Total | 3,221 | |
2019 | ||
Total | 5,947 | |
2018 | ||
Total | 8,434 | |
2017 | ||
Total | 11,251 | |
2016 | ||
Total | 11,192 | |
Prior | ||
Total | 23,852 | |
Revolving Loans Amortized Cost Basis | ||
Total | 64,278 | |
Total | ||
Total | 128,175 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | ||
2020 | ||
Total | 988,541 | |
Current period gross charge-offs | (60) | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | (60) | |
2019 | ||
Total | 965,065 | |
Current period gross charge-offs | (21) | |
Current period recoveries | 6 | |
Total net (charge-offs) recoveries | (15) | |
2018 | ||
Total | 799,240 | |
Current period gross charge-offs | (36) | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | (36) | |
2017 | ||
Total | 914,687 | |
Current period gross charge-offs | (2,515) | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | (2,515) | |
2016 | ||
Total | 894,811 | |
Current period gross charge-offs | (29) | |
Current period recoveries | 1 | |
Total net (charge-offs) recoveries | (28) | |
Prior | ||
Total | 2,483,774 | |
Current period gross charge-offs | (1,547) | |
Current period recoveries | 1,020 | |
Total net (charge-offs) recoveries | (527) | |
Revolving Loans Amortized Cost Basis | ||
Total | 57,630 | |
Current period gross charge-offs | (17) | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | (17) | |
Total | ||
Total | 7,105,092 | |
Current period gross charge-offs | (4,225) | |
Current period recoveries | 1,027 | |
Net loans recovered (charged off) | (3,198) | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | ||
2020 | ||
Total | 973,664 | |
2019 | ||
Total | 917,510 | |
2018 | ||
Total | 708,946 | |
2017 | ||
Total | 794,955 | |
2016 | ||
Total | 783,094 | |
Prior | ||
Total | 2,213,343 | |
Revolving Loans Amortized Cost Basis | ||
Total | 53,041 | |
Total | ||
Total | 6,444,957 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | ||
2020 | ||
Total | 13,639 | |
2019 | ||
Total | 40,874 | |
2018 | ||
Total | 84,047 | |
2017 | ||
Total | 80,705 | |
2016 | ||
Total | 89,112 | |
Prior | ||
Total | 167,424 | |
Revolving Loans Amortized Cost Basis | ||
Total | 2,364 | |
Total | ||
Total | 478,165 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | ||
2020 | ||
Total | 1,238 | |
2019 | ||
Total | 6,681 | |
2018 | ||
Total | 6,247 | |
2017 | ||
Total | 39,027 | |
2016 | ||
Total | 22,605 | |
Prior | ||
Total | 103,007 | |
Revolving Loans Amortized Cost Basis | ||
Total | 2,225 | |
Total | ||
Total | 181,970 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | ||
Revolving Loans Amortized Cost Basis | ||
Total | 5,363 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 5,363 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Non-performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - home equity | ||
Revolving Loans Amortized Cost Basis | ||
Total | 5,321 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - home equity | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 5,321 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - home equity | Non-performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Non-performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | ||
Revolving Loans Amortized Cost Basis | ||
Total | 42 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 42 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | Non-performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Leasing and other and overdrafts | Non-performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | Non-performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | ||
Revolving Loans Amortized Cost Basis | ||
Total | 1,344 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 404 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 940 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial (1) | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | ||
Revolving Loans Amortized Cost Basis | ||
Total | 1,344 | |
Current period gross charge-offs | 0 | |
Current period recoveries | 0 | |
Total net (charge-offs) recoveries | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 404 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | $ 940 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Non-accrual loans | $ 137,198 | $ 125,098 |
Loans 90 days or more past due and still accruing | 9,929 | 16,057 |
Total non-performing loans | 147,127 | 141,155 |
OREO | 4,178 | 6,831 |
Total non-performing assets | 151,305 | $ 147,986 |
Mortgage Loans in Process of Foreclosure, Amount | $ 8,100 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | $ 9,929 | $ 16,057 |
Non- accrual | 137,198 | 125,098 |
Current | 18,673,373 | 16,620,575 |
Net Loans | 18,900,820 | 16,837,526 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 59,999 | 56,326 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 20,321 | 19,470 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 1,177 | 4,113 |
Non- accrual | 51,470 | 33,166 |
Current | 7,028,173 | 6,651,042 |
Net Loans | 7,105,092 | 6,700,776 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 14,999 | 10,912 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 9,273 | 1,543 |
Commercial and industrial (1) | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 616 | 1,385 |
Non- accrual | 31,993 | 48,106 |
Current | 5,625,866 | 4,392,278 |
Net Loans | 5,670,828 | 4,446,701 |
Commercial and industrial (1) | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 11,285 | 2,302 |
Commercial and industrial (1) | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,068 | 2,630 |
Real estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 2,753 | 3,564 |
Non- accrual | 9,588 | 7,004 |
Current | 1,183,296 | 1,292,035 |
Net Loans | 1,202,913 | 1,314,944 |
Real estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 5,622 | 9,635 |
Real estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,654 | 2,706 |
Real estate - residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 4,687 | 5,735 |
Non- accrual | 26,107 | 16,676 |
Current | 3,081,165 | 2,584,763 |
Net Loans | 3,141,915 | 2,641,465 |
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 22,281 | 26,982 |
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 7,675 | 7,309 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 155 | 688 |
Non- accrual | 1,395 | 3,618 |
Current | 1,043,730 | 964,158 |
Net Loans | 1,047,218 | 971,079 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,938 | 1,715 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 0 | 900 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 417 | 458 |
Non- accrual | 332 | 0 |
Current | 462,486 | 457,556 |
Net Loans | 466,772 | 463,164 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 3,036 | 4,228 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 501 | 922 |
Leasing and other and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 124 | 114 |
Non- accrual | 16,313 | 16,528 |
Current | 248,657 | 278,743 |
Net Loans | 266,082 | 299,397 |
Leasing and other and overdrafts | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 838 | 552 |
Leasing and other and overdrafts | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | $ 150 | $ 3,460 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | $ 68,426 | $ 55,150 |
Non-accrual TDRs | 35,755 | 20,825 |
Total TDRs | 104,181 | 75,975 |
Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 28,451 | 13,330 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 6,982 | 5,193 |
Commercial - secured | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 14,391 | 15,068 |
Real estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 18,602 | 21,551 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | $ 0 | $ 8 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loans | Dec. 31, 2019USD ($)loans | Dec. 31, 2018USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 142 | 83 | 117 |
Post-Modification Recorded Investment | $ | $ 45,283 | $ 10,599 | $ 18,375 |
Real estate - commercial mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 12 | 2 | 6 |
Post-Modification Recorded Investment | $ | $ 24,868 | $ 263 | $ 8,261 |
Commercial - secured | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 20 | 16 | 8 |
Post-Modification Recorded Investment | $ | $ 5,218 | $ 5,378 | $ 4,226 |
Real estate - residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 48 | 6 | 7 |
Post-Modification Recorded Investment | $ | $ 10,493 | $ 2,252 | $ 801 |
Real estate - home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 48 | 59 | 96 |
Post-Modification Recorded Investment | $ | $ 4,359 | $ 2,706 | $ 5,087 |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 14 | 0 | 0 |
Post-Modification Recorded Investment | $ | $ 345 | $ 0 | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 553,253 | $ 557,103 |
Less: Accumulated depreciation and amortization | (321,773) | (317,057) |
Premises and equipment, net | 231,480 | 240,046 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 38,654 | 38,836 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 343,604 | 350,609 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 165,572 | 158,064 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 5,423 | $ 9,594 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill and intangible assets | $ 536,659,000 | $ 535,303,000 |
Increase (decrease) in goodwill and intangible assets | 1,400,000 | |
Goodwill impairment charges | $ 0 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Asset [Abstract] | |||
Estimated fair value of MSRs | $ 28,200 | $ 45,200 | |
Residential Mortgage | |||
Amortized Cost: | |||
Balance at beginning of period | 39,267 | 38,573 | $ 37,663 |
Originations of MSRs | 12,173 | 7,546 | 6,756 |
Amortization | (12,695) | (6,852) | (5,846) |
Balance at end of period | 38,745 | 39,267 | 38,573 |
Servicing Asset [Abstract] | |||
Beginning balance | 0 | 0 | 0 |
Additions to valuation allowance | (10,500) | 0 | 0 |
Ending balance | (10,500) | 0 | 0 |
Net MSRs at end of year | 28,245 | 39,267 | 38,573 |
Estimated fair value of MSRs | $ 28,245 | $ 45,193 | $ 50,200 |
Mortgage Servicing Rights Narra
Mortgage Servicing Rights Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Assets at Amortized Value [Line Items] | ||||
Loans serviced by unrelated third party | $ 4,700,000 | $ 4,900,000 | ||
Estimated fair value of MSRs | 28,200 | 45,200 | ||
Non-interest income before investment securities gains | 226,335 | 211,427 | $ 195,488 | |
Mortgage banking | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Non-interest income before investment securities gains | 42,309 | 23,099 | 19,026 | |
Residential Mortgage | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Estimated fair value of MSRs | 28,245 | 45,193 | 50,200 | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | (10,500) | 0 | 0 | $ 0 |
Amortization expense | 12,695 | 6,852 | 5,846 | |
Residential Mortgage | Mortgage banking | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Non-interest income before investment securities gains | $ 11,900 | $ 12,000 | $ 11,800 |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSR Amortization Expense (Details) - Mortgage $ in Thousands | Dec. 31, 2020USD ($) |
Servicing Assets at Amortized Value [Line Items] | |
2021 | $ 6,550 |
2022 | 6,091 |
2023 | 5,586 |
2024 | 5,034 |
2025 | 4,429 |
Beyond 2025 | 11,055 |
Total estimated amortization expense | $ 38,745 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Line Items] | ||
Noninterest-bearing demand | $ 6,531,002 | $ 4,453,324 |
Interest-bearing demand | 5,818,564 | 4,720,188 |
Savings and money market accounts | 5,929,792 | 5,153,941 |
Total demand and savings | 18,279,358 | 14,327,453 |
Brokered deposits | 335,185 | 264,531 |
Time deposits | 2,224,664 | 2,801,929 |
Total Deposits | 20,839,207 | 17,393,913 |
Time Deposits, $250,000 or More | 330,400 | 472,800 |
Maturities of Time Deposits [Abstract] | ||
2021 | 1,417,396 | |
2022 | 521,545 | |
2023 | 160,700 | |
2024 | 43,914 | |
2025 | 26,092 | |
Thereafter | 55,017 | |
Total | 2,224,664 | 2,801,929 |
Certificates of Deposit | ||
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 1,000,000 | $ 1,400,000 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt Short Term (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 630,066 | $ 883,241 | $ 754,777 |
Maximum borrowing capacity | 1,800,000 | ||
Collateralized borrowings availability at discount window | 324,300 | 334,300 | |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | 0 | 0 |
Maximum borrowing capacity | 200,000 | 274,998 | 525,000 |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | 500,000 | 385,000 |
Maximum borrowing capacity | 980,000 | 825,000 | 385,000 |
Customer funding | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 630,066 | 383,241 | 369,777 |
Maximum borrowing capacity | $ 630,066 | $ 404,207 | $ 547,678 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt Long Term (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 1,296,263 | $ 881,769 |
Short-term FHLB advances | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 535,973 | 491,024 |
Weighted average interest rate | 1.78% | |
Unused borrowing capacity | $ 3,900,000 | |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 625,000 | 250,000 |
Intercompany revolving line of credit | 75,000 | |
Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 125,000 | 125,000 |
Junior subordinated deferrable interest debentures | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 16,496 | 16,496 |
Unamortized discounts and issuance costs | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 6,206 | $ 751 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt Maturities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
2021 | $ 0 |
2022 | 178,857 |
2023 | 214,241 |
2024 | 489,190 |
2025 | 24,675 |
Thereafter | 389,300 |
Long Term Debt Maturities Total | $ 1,296,263 |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term Debt Subordinated Debt (Details) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Dec. 31, 2020USD ($)subsidiarytrusts | Mar. 31, 2020USD ($) | Mar. 31, 2017USD ($) | Nov. 30, 2014USD ($) | |
Subordinated Debt [Abstract] | |||||
Subsidiary trusts owned by parent | subsidiarytrusts | 3 | ||||
Senior Notes | |||||
Subordinated Debt [Abstract] | |||||
Debt instrument, face amount | $ 125,000,000 | ||||
Effective interest rate | 3.95% | ||||
Stated interest rate | 3.60% | ||||
Junior subordinated deferrable interest debentures | |||||
Subordinated Debt [Abstract] | |||||
Subordinated Debt | $ 16,496,000 | ||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust | |||||
Subordinated Debt [Abstract] | |||||
Interest Rate | 2.96% | ||||
Subordinated Debt | $ 6,186,000 | ||||
Call Price | 1 | ||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust II | |||||
Subordinated Debt [Abstract] | |||||
Interest Rate | 2.14% | ||||
Subordinated Debt | $ 4,124,000 | ||||
Call Price | 1 | ||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust III | |||||
Subordinated Debt [Abstract] | |||||
Interest Rate | 2.02% | ||||
Subordinated Debt | $ 6,186,000 | ||||
Call Price | 1 | ||||
Subordinated debt | |||||
Subordinated Debt [Abstract] | |||||
Debt instrument, face amount | $ 150,000,000 | ||||
Interest Rate | 4.50% | ||||
Effective interest rate | 4.69% | ||||
Subordinated debt | November 2024 Subordinated Debt | |||||
Subordinated Debt [Abstract] | |||||
Effective interest rate | 4.87% | ||||
Subordinated Debt | $ 100,000,000 | ||||
Stated interest rate | 4.50% | ||||
Subordinated debt | 3.25% Notes due 2030 [Member] | |||||
Subordinated Debt [Abstract] | |||||
Debt instrument, face amount | $ 200,000,000 | ||||
Effective interest rate | 3.35% | ||||
Stated interest rate | 3.25% | ||||
Subordinated debt | 3.75% Notes due 2035 [Member] | |||||
Subordinated Debt [Abstract] | |||||
Debt instrument, face amount | $ 175,000,000 | ||||
Effective interest rate | 3.85% | ||||
Stated interest rate | 3.75% |
Derivative Financial Instrume_3
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 331,269 | $ 144,371 |
Derivative Liability, Fair Value, Gross Liability | (165,210) | (76,067) |
Interest Rate Locks with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 382,903 | 132,260 |
Derivative Liability, Notional Amount | 3,154 | 9,783 |
Derivative Asset, Fair Value, Gross Asset | 8,034 | 1,123 |
Derivative Liability, Fair Value, Gross Liability | (35) | (53) |
Forward Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 75,000 |
Derivative Liability, Notional Amount | 292,262 | 180,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 63 |
Derivative Liability, Fair Value, Gross Liability | (2,263) | (371) |
Interest Rate Swaps with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 3,834,062 | 2,903,489 |
Derivative Liability, Notional Amount | 45,640 | 376,705 |
Derivative Asset, Fair Value, Gross Asset | 330,951 | 143,484 |
Derivative Liability, Fair Value, Gross Liability | (2) | (695) |
Interest Rate Swaps with Dealer Counterparties | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 45,640 | 376,705 |
Derivative Liability, Notional Amount | 3,834,062 | 2,903,489 |
Derivative Asset, Fair Value, Gross Asset | 2 | 695 |
Derivative Liability, Fair Value, Gross Liability | (165,205) | (75,327) |
Foreign Exchange Contracts with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 1,121 | 3,373 |
Derivative Liability, Notional Amount | 5,963 | 7,283 |
Derivative Asset, Fair Value, Gross Asset | 5 | 38 |
Derivative Liability, Fair Value, Gross Liability | (275) | (154) |
Foreign Exchange Contracts with Correspondent Banks | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 6,372 | 9,028 |
Derivative Liability, Notional Amount | 1,422 | 4,976 |
Derivative Asset, Fair Value, Gross Asset | 318 | 192 |
Derivative Liability, Fair Value, Gross Liability | $ (5) | $ (45) |
Derivative Financial Instrume_4
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Net fair value gains (losses) on derivative financial instruments | $ 5,056 | $ 831 | $ (822) |
Mortgage Banking Derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains (losses) on derivative financial instruments | 4,974 | 689 | (748) |
Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains (losses) on derivative financial instruments | 70 | 122 | 1 |
Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains (losses) on derivative financial instruments | $ 12 | $ 20 | $ (75) |
Derivative Financial Instrume_5
Derivative Financial Instruments Fair Value Option (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | $ 83,886 | $ 37,828 |
Mortgage Loans Held For Sale | Cost [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | 80,662 | 37,396 |
Mortgage Loans Held For Sale | Fair value | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | $ 83,886 | $ 37,828 |
Derivative Financial Instrume_6
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Loans Held For Sale | |||
Derivative [Line Items] | |||
Gains (losses) related to changes in fair values of mortgage loans held for sale | $ 2,800 | $ 260 | $ 231 |
Derivative Financial Instrume_7
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 331,269 | $ 144,371 |
Financial Instruments | (7) | (802) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 331,262 | 143,569 |
Derivative liability, gross liability | 165,210 | 76,067 |
Derivative liability, Collateral, Right to Reclaim Securities | (7) | (802) |
Derivative liability, Collateral, Right to Reclaim Cash | (165,203) | (75,265) |
Derivative liability, Net Amount | 0 | 0 |
Interest Rate Swap | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 330,951 | 144,179 |
Financial Instruments | (2) | (757) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 330,949 | 143,422 |
Derivative liability, gross liability | 165,205 | 76,022 |
Derivative liability, Collateral, Right to Reclaim Securities | (2) | (757) |
Derivative liability, Collateral, Right to Reclaim Cash | (165,203) | (75,265) |
Derivative liability, Net Amount | 0 | 0 |
Foreign Exchange Contract | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 318 | 192 |
Financial Instruments | (5) | (45) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 313 | 147 |
Derivative liability, gross liability | 5 | 45 |
Derivative liability, Collateral, Right to Reclaim Securities | (5) | (45) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 0 | $ 0 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 220,000 | |
Maximum Allowed Percentage Of Loans Issued To A Single Affiliate | 10.00% | |
Maximum Allowed Percentage Of Aggregate Loans Issued To All Affiliate | 20.00% | |
Total Capital [Abstract] | ||
Capital | $ 2,837,801 | $ 2,179,197 |
Capital to risk weighted assets | 0.144 | 0.118 |
Capital required for capital adequacy | $ 1,571,876 | $ 1,481,425 |
Capital required for capital adequacy to risk weighted assets | 0.080 | 0.080 |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 2,067,640 | $ 1,796,987 |
Tier one risk based capital to risk weighted assets | 0.105 | 0.097 |
Tier one risk based capital required for capital adequacy | $ 1,178,907 | $ 1,111,068 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | 0.060 |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 1,874,762 | $ 1,796,987 |
Common equity tier one capital ratio | 0.095 | 0.097 |
Common equity tier one capital required for capital adequacy | $ 884,181 | $ 833,301 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 2,067,640 | $ 1,796,987 |
Tier one leverage capital to average assets | 0.082 | 0.084 |
Tier one leverage capital required for capital adequacy | $ 1,009,469 | $ 850,727 |
Tier one leverage capital required for capital adequacy to average assets | 0.040 | 0.040 |
Fulton Bank, N.A. | ||
Total Capital [Abstract] | ||
Capital | $ 2,758,963 | $ 2,224,505 |
Capital to risk weighted assets | 0.141 | 0.121 |
Capital required for capital adequacy | $ 1,562,322 | $ 1,473,880 |
Capital required for capital adequacy to risk weighted assets | 0.080 | 0.080 |
Capital required to be well capitalized | $ 1,952,903 | $ 1,842,350 |
Capital required to be well capitalized to risk weighted assets | 0.100 | 0.100 |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 2,529,802 | $ 2,058,295 |
Tier one risk based capital to risk weighted assets | 0.130 | 0.112 |
Tier one risk based capital required for capital adequacy | $ 1,171,742 | $ 1,105,410 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | 0.060 |
Tier one risk based capital required to be well capitalized | $ 1,562,322 | $ 1,473,880 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | 0.080 |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 2,485,802 | $ 2,014,295 |
Common equity tier one capital ratio | 0.127 | 0.109 |
Common equity tier one capital required for capital adequacy | $ 878,806 | $ 829,057 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 1,269,387 | $ 1,197,527 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 2,529,802 | $ 2,058,295 |
Tier one leverage capital to average assets | 0.101 | 0.098 |
Tier one leverage capital required for capital adequacy | $ 1,001,313 | $ 844,341 |
Tier one leverage capital required for capital adequacy to average assets | 0.040 | 0.040 |
Tier one leverage capital required to be well capitalized | $ 1,251,641 | $ 1,055,426 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.050 |
Income Taxes Expense (Benefit)
Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expense: | |||
Federal | $ 38,396 | $ 32,610 | $ 35,783 |
State | 7,389 | 5,204 | 5,352 |
Total | 45,785 | 37,814 | 41,135 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | (18,131) | (1,271) | (16,841) |
State | (3,460) | 1,106 | 283 |
Total | (21,591) | (165) | (16,558) |
Total income tax expense | $ 24,194 | $ 37,649 | $ 24,577 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Tax credit investments | (5.70%) | (4.60%) | (6.10%) |
Tax-exempt income | (4.90%) | (3.90%) | (4.10%) |
Bank owned life insurance | (0.70%) | (0.40%) | (0.40%) |
State income taxes, net of federal benefit | 1.10% | 0.20% | 2.00% |
Change in valuation allowance | 0.00% | 1.80% | (0.10%) |
Re-measurement of net DTA due to the Tax Act | 0.00% | 0.00% | (0.30%) |
Executive compensation | 0.00% | 0.00% | 0.10% |
FDIC Premium | 0.30% | 0.00% | 0.00% |
Penalties | 0.20% | 0.00% | 0.00% |
Other, net | 0.70% | 0.20% | (1.60%) |
Effective income tax rate | 12.00% | 14.30% | 10.50% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for credit losses | $ 67,059 | $ 37,081 |
Tax credit carryforwards | 39,294 | 43,133 |
State loss carryforwards | 20,401 | 16,324 |
Tax credit investments | 10,159 | 6,799 |
Other accrued expenses | 9,801 | 8,797 |
Deferred compensation | 8,486 | 7,752 |
Stock-based compensation | 3,289 | 2,930 |
Postretirement and defined benefit plans | 1,553 | 599 |
Other | 12,107 | 4,246 |
Total gross deferred tax assets | 172,149 | 127,661 |
Deferred tax liabilities: | ||
Equipment lease financing | 44,216 | 42,273 |
Unrealized holding gains on AFS securities | 23,978 | 4,223 |
Premises and equipment | 8,876 | 6,282 |
MSRs | 6,414 | 8,686 |
Acquisition premiums/discounts | 5,466 | 5,266 |
Intangible assets | 1,205 | 1,136 |
Other | 15,811 | 12,387 |
Total gross deferred tax liabilities | 105,966 | 80,253 |
Net deferred tax asset, before valuation allowance | 66,183 | 47,408 |
Valuation allowance | (20,401) | (16,324) |
Net deferred tax asset | 45,782 | 31,084 |
State and local operating loss carryforwards | 263,600 | $ 392,000 |
Tax credit carryforwards related to TCIs | $ 39,300 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 2,517 | $ 2,726 | $ 2,550 |
Current period tax positions | 95 | 292 | 593 |
Lapse of statute of limitations | (461) | (501) | (417) |
Balance at end of year | 2,151 | 2,517 | $ 2,726 |
Lapse of statute of limitations, approximate reversal next fiscal year | 513 | ||
Unrecognized tax benefits that would impact effective tax rate | 468 | ||
Interest and penalties in income tax expense related to unrecognized tax positions | (17) | 22 | |
Income tax penalties and interest accrued | $ 680 | $ 697 |
Income Taxes Qualified Affordab
Income Taxes Qualified Affordable Housing Projects and Other Tax Credit Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Affordable housing tax credit investments, net | $ 152,203 | $ 153,351 | |
Other tax credit investments, net | 59,224 | 64,354 | |
Total TCIs, net | 211,427 | 217,705 | |
Other tax credit liabilities | 31,562 | 16,684 | |
Other tax credit liabilities | 49,491 | 55,105 | |
Total unfunded tax credit commitments and liabilities | 81,053 | 71,789 | |
Affordable housing tax credits and other tax benefits | (28,777) | (30,642) | $ (30,721) |
Other tax credit investment credits and tax benefits | (4,163) | (4,542) | (6,385) |
Amortization of affordable housing investments, net of tax benefit | 20,429 | 22,184 | 21,569 |
Deferred tax expense | 921 | 954 | 1,341 |
Total reduction in income tax expense | (11,590) | (12,046) | (14,196) |
Affordable housing tax credits investment | 4,087 | 3,344 | 3,355 |
Other tax credit investment amortization | 2,039 | 2,677 | 8,094 |
Total amortization of TCIs | $ 6,126 | $ 6,021 | $ 11,449 |
Net Income Per Share (Details)
Net Income Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding (basic) | 162,372 | 166,902 | 175,395 |
Impact of common stock equivalents | 718 | 890 | 1,148 |
Weighted average common shares outstanding (diluted) | 163,090 | 167,792 | 176,543 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 0 | ||
Net proceeds from issuance of preferred stock | $ 192,878 | $ 0 | $ 0 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 0 | ||
Preferred stock, shares issued (in shares) | 200,000 | 0 | ||
Depositary Shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Issued During Period, Equivalent of Preferred Shares, Percent | 2.50% | |||
Depositary Shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock issued (in shares) | 8,000,000 | |||
Preferred stock, liquidation preference (in dollars per share) | $ 25 | |||
Preferred stock, shares authorized (in shares) | 200,000 | |||
Preferred stock, shares issued (in shares) | 200,000 | |||
Series A Preferred Stock | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred Stock, Dividend Rate, Percentage | 5.125% | |||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | |||
Gross Proceeds from Issuance of Preferred Stock and Preference Stock | $ 200,000 | |||
Net proceeds from issuance of preferred stock | $ 192,900 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Before-Tax Amount | |||
Unrealized gain on securities | $ 85,188 | $ 73,085 | $ (31,235) |
Reclassification adjustment for securities gains included in net income | (3,053) | (4,733) | (37) |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 4,360 | 8,070 | 2,694 |
Non-credit related unrealized losses on other-than-temporarily impaired debt securities | (873) | 285 | |
Unrecognized pension and postretirement income | (3,242) | (1,203) | 1,798 |
Amortization of net unrecognized pension and postretirement income | 1,311 | 1,316 | 2,116 |
Total Other Comprehensive Income | 84,564 | 75,662 | (24,379) |
Tax Effect | |||
Unrealized gain on securities | (19,537) | (16,166) | 6,909 |
Reclassification adjustment for securities gains included in net income | 694 | 1,047 | 7 |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | (912) | (1,785) | (596) |
Non-credit related unrealized losses on other-than-temporarily impaired debt securities | 193 | (63) | |
Unrecognized pension and postretirement income (cost) | 710 | 266 | (398) |
Amortization of net unrecognized pension and postretirement income | (291) | (291) | (468) |
Total Other Comprehensive Income | (19,336) | (16,736) | 5,391 |
Other Comprehensive Income (Loss), net of tax: | |||
Unrealized gain on securities | 65,651 | 56,919 | (24,326) |
Reclassification adjustment for securities gains included in net income | (2,359) | (3,686) | (30) |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 3,448 | 6,285 | 2,098 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent | 0 | (680) | 222 |
Unrecognized pension and postretirement income | (2,532) | (937) | 1,400 |
Amortization of net unrecognized pension and postretirement income | 1,020 | 1,025 | 1,648 |
Total Other Comprehensive Income | 65,228 | $ 58,926 | $ (18,988) |
Accounting Standards Update 2019-04 | |||
Before-Tax Amount | |||
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | $ 3,700 |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Beginning Balance | $ (137) | |||
Amortization of net unrealized losses on AFS securities transferred to HTM | 3,448 | $ 6,285 | $ 2,098 | |
Reclassification of stranded tax effects | 0 | |||
Ending Balance | 65,091 | (137) | ||
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Beginning Balance | 14,864 | (44,654) | (18,509) | |
Other comprehensive loss before reclassifications | 65,651 | 56,919 | (24,326) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,359) | (3,686) | (30) | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 3,448 | 6,285 | 2,098 | |
Reclassification of stranded tax effects | (3,887) | |||
Ending Balance | 81,604 | 14,864 | (44,654) | |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Beginning Balance | 0 | 680 | 458 | |
Other comprehensive loss before reclassifications | 0 | (680) | 222 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 0 | 0 | 0 | |
Reclassification of stranded tax effects | 0 | |||
Ending Balance | 0 | 0 | 680 | |
Unrecognized Pension and Postretirement Plan Income (Cost) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Beginning Balance | (15,001) | (15,089) | (14,923) | |
Other comprehensive loss before reclassifications | (2,532) | (937) | 1,400 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,020 | 1,025 | 1,648 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 0 | 0 | 0 | |
Reclassification of stranded tax effects | (3,214) | |||
Ending Balance | (16,513) | (15,001) | (15,089) | |
Accumulated Other Comprehensive (Loss) Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Beginning Balance | (137) | (59,063) | (32,974) | |
Other comprehensive loss before reclassifications | 63,119 | 55,302 | (22,704) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,339) | (2,661) | 1,618 | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 3,448 | 6,285 | 2,098 | |
Reclassification of stranded tax effects | [1] | (7,101) | ||
Ending Balance | $ 65,091 | $ (137) | $ (59,063) | |
[1] | Result of adoption of ASU 2018-02. See Note 1 to Consolidated Financial Statements for further details. |
Shareholders' Equity Common Sto
Shareholders' Equity Common Stock Repurchase Plans (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 28, 2021 | Oct. 31, 2019 | Mar. 31, 2019 | Nov. 30, 2018 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Common stock repurchase amount | $ 39,748,000 | $ 111,457,000 | $ 95,308,000 | |||||
Common Stock | February 2021 Stock Repurchase Program | Subsequent Event | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury stock, value | $ 75,000,000 | |||||||
Percent of common shares outstanding, expected to be delivered | 3.20% | |||||||
Common Stock | October 2019 Stock Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury stock, value | $ 100,000,000 | |||||||
Percent of common shares outstanding, expected to be delivered | 3.90% | |||||||
Common stock repurchase amount | $ 39,700,000 | |||||||
Average cost per share of treasury stock acquired (usd per share) | $ 13.65 | |||||||
Acquisition of treasury stock (in shares) | 2,900 | |||||||
Common Stock | March 2019 Stock Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury stock, value | $ 100,000,000 | |||||||
Percent of common shares outstanding, expected to be delivered | 3.50% | |||||||
Common stock repurchase amount | $ 100,000,000 | |||||||
Average cost per share of treasury stock acquired (usd per share) | $ 16.28 | |||||||
Acquisition of treasury stock (in shares) | 6,100 | |||||||
Common Stock | November 2018 Stock Repurchase Program | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury stock, value | $ 75,000,000 | |||||||
Percent of common shares outstanding, expected to be delivered | 2.70% | |||||||
Common stock repurchase amount | $ 75,000,000 | |||||||
Average cost per share of treasury stock acquired (usd per share) | $ 15.57 | |||||||
Acquisition of treasury stock (in shares) | 706 | 4,100 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 7,529 | $ 7,413 | $ 7,965 |
Tax benefits as a percentage of compensation expense | 21.40% | 21.70% | 33.00% |
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Stock Options And Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 8,381 | $ 7,413 | $ 7,965 |
Tax benefit | (1,790) | (1,610) | (2,625) |
Total stock-based compensation, net of tax | $ 6,591 | $ 5,803 | $ 5,340 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans Options Activity (Details) - Stock Options - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Options | |||
Outstanding and exercisable as of December 31, 2019 | 500,260 | ||
Exercised | (89,725) | ||
Forfeited | (1,047) | ||
Expired | (11,181) | ||
Outstanding and exercisable as of December 31, 2020 | 398,307 | 500,260 | |
Weighted Average Exercise Price | |||
Outstanding as of December 31, 2019 (usd per share) | $ 11.12 | ||
Exercised (usd per share) | 9.99 | ||
Forfeited (usd per share) | 12.25 | ||
Expired (usd per share) | 10.27 | ||
Outstanding as of December 31, 2020 (usd per share) | $ 11.39 | $ 11.12 | |
Weighted Average Remaining Contractual Term, Outstanding | 1 year 10 months 24 days | ||
Additional Disclosures [Abstract] | |||
Outstanding, Aggregate Intrinsic Value | $ 500,000 | ||
Number of options exercised | 89,725 | $ 150,296 | $ 214,845 |
Total intrinsic value of options exercised | 192,000 | 1,028,000 | 1,616,000 |
Cash received from options exercised | 880,000 | 1,446,000 | 2,210,000 |
Tax benefit from options exercised | $ 37,000 | $ 188,000 | $ 291,000 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans Nonvested (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested as of December 31, 2019 | shares | 1,425,021 |
Granted | shares | 911,367 |
Vested | shares | (357,838) |
Forfeited | shares | (81,170) |
Nonvested as of December 31, 2020 | shares | 1,897,380 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Roll Forward] | |
Nonvested as of December 31, 2019 (usd per share) | $ / shares | $ 16.39 |
Granted (usd per share) | $ / shares | 11.82 |
Vested (usd per share) | $ / shares | 17.88 |
Forfeited (usd per share) | $ / shares | 13.74 |
Nonvested as of December 31, 2020 (usd per share) | $ / shares | $ 14.07 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans Assumptions (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 0.25% | 2.27% | 2.63% |
Volatility of Corporation’s stock | 33.10% | 23.00% | 23.50% |
Expected life of options | 3 years | 3 years | 3 years |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
ESPP shares purchased | 194,485 | 136,576 | 110,200 |
Average purchase price per share (85% of market value) | $ 10.02 | $ 14.03 | $ 14.74 |
Compensation expense recognized (in thousands) | $ 344 | $ 338 | $ 287 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Total unrecognized compensation cost | $ 11.1 | ||
Weighted average period for recognition of compensation expense | 1 year 10 months 24 days | ||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
Employee Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 9,300,000 | ||
Directors' Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 180,000 | ||
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value, options granted (in dollars per share) | $ 10.16 | $ 16.83 | $ 12.92 |
Expected life of options | 3 years | 3 years | 3 years |
Employee Benefit Plans Benefits
Employee Benefit Plans Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement plan and pension plan, total | $ 10,513 | $ 11,460 | $ 11,917 |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | (505) | (495) | (502) |
Other Postretirement Benefit Plan | 401k Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) Retirement Plan | $ 9,853 | 8,976 | 8,482 |
Maximum percentage of eligible employee’s covered compensation | 5.00% | ||
Percentage of plan vested | 100.00% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | $ 660 | $ 2,484 | $ 3,435 |
Employee Benefit Plans Net Peri
Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 2,726 | $ 3,257 | $ 3,053 |
Expected return on assets | (3,925) | (2,754) | (2,047) |
Net amortization and deferral | 1,859 | 1,981 | 2,429 |
Net periodic benefit cost | 660 | 2,484 | 3,435 |
Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 43 | 61 | 57 |
Net amortization and deferral | (548) | (556) | (559) |
Net periodic benefit cost | $ (505) | $ (495) | $ (502) |
Employee Benefit Plans Projecte
Employee Benefit Plans Projected Benefit Obligation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 83,676,000 | ||
Fair value of plan assets at end of year | $ 87,177,000 | $ 83,676,000 | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 1,450,000 | 1,520,000 | |
Interest cost | 43,000 | 61,000 | $ 57,000 |
Benefit payments | (177,000) | (187,000) | |
Change in assumptions | 38,000 | 39,000 | |
Experience gain | 32,000 | (17,000) | |
Projected benefit obligation at end of year | 1,322,000 | 1,450,000 | 1,520,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Pension Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 86,204,000 | 79,426,000 | |
Interest cost | 2,726,000 | 3,257,000 | 3,053,000 |
Benefit payments | (4,104,000) | (4,114,000) | |
Change in assumptions | 7,532,000 | 8,259,000 | |
Experience gain | (66,000) | (624,000) | |
Projected benefit obligation at end of year | 92,292,000 | 86,204,000 | 79,426,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 83,676,000 | 57,825,000 | |
Actual return on plan assets | 7,605,000 | 9,210,000 | |
Fair value of plan assets at end of year | 87,177,000 | 83,676,000 | $ 57,825,000 |
Employer contributions | $ 0 | $ 20,755,000 |
Employee Benefit Plans Funded S
Employee Benefit Plans Funded Status (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 87,177,000 | $ 83,676,000 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (92,292,000) | (86,204,000) | $ (79,426,000) |
Fair value of plan assets | 87,177,000 | 83,676,000 | 57,825,000 |
Funded status | (5,115,000) | (2,528,000) | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (1,322,000) | (1,450,000) | $ (1,520,000) |
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans Unrecogn
Employee Benefit Plans Unrecognized loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (137) | ||
Unrecognized gains arising in current year | (2,532) | $ (937) | $ 1,400 |
Ending Balance | 65,091 | (137) | |
Amount to be amortized from accumulated other comprehensive income (loss) in next twelve months | 2,300 | ||
Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (15,001) | (15,089) | (14,923) |
Ending Balance | (16,513) | (15,001) | (15,089) |
Pension Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | 23,546 | 24,347 | |
Reclass adjustment for postretirement plan gain included in net income | (1,859) | (1,981) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 3,787 | 1,180 | |
AOCI before Tax, Attributable to Parent | 25,474 | 23,546 | 24,347 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 18,337 | 18,961 | |
Recognized component of periodic pension cost | (1,452) | (1,543) | |
Unrecognized gains arising in current year | 2,958 | 919 | |
Ending Balance | 19,843 | 18,337 | 18,961 |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (3,476) | (3,940) | |
Reclass adjustment for postretirement plan gain included in net income | 464 | 464 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 0 | ||
AOCI before Tax, Attributable to Parent | (3,012) | (3,476) | (3,940) |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (948) | (1,096) | |
Reclass adjustment for postretirement plan gain included in net income | 84 | 92 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | 56 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 6 | ||
AOCI before Tax, Attributable to Parent | (858) | (948) | (1,096) |
Other Postretirement Benefit Plans | Unrecognized Pension and Postretirement Plan Income (Cost) | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (4,424) | (5,036) | |
Reclass adjustment for postretirement plan gain included in net income | 548 | 556 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | 56 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 6 | ||
AOCI before Tax, Attributable to Parent | (3,870) | (4,424) | (5,036) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (3,451) | (3,928) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, Net of Tax | 433 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, Net of Tax | 44 | ||
Recognized component of periodic pension cost | 428 | ||
Unrecognized gains arising in current year | 5 | ||
Ending Balance | $ (3,018) | $ (3,451) | $ (3,928) |
Employee Benefit Plans Rates (D
Employee Benefit Plans Rates (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 2.50% | 3.25% | 4.25% |
Expected long-term rate of return on plan assets | 5.00% | 5.00% | 5.00% |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 2.50% | 3.25% | 4.25% |
Expected long-term rate of return on plan assets | 3.00% | 3.00% | 3.00% |
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% |
Employee Benefit Plans Fair Val
Employee Benefit Plans Fair Value Of Plan Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 87,177,000 | $ 83,676,000 | |
Actual plan asset allocations | 100.00% | 100.00% | |
Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 50,297,000 | $ 38,187,000 | |
Actual plan asset allocations | 57.70% | 45.60% | |
Equity Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 37,847,000 | $ 26,377,000 | |
Mutual Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 12,450,000 | 11,810,000 | |
Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 35,154,000 | $ 41,754,000 | |
Actual plan asset allocations | 40.30% | 49.90% | |
Money Market Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 9,444,000 | $ 21,182,000 | |
Fixed Income Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 16,134,000 | 14,370,000 | |
Corporate debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 3,319,000 | 3,124,000 | |
US Government Agencies Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 6,257,000 | 3,078,000 | |
Other Alternative Investment Mutual Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 1,726,000 | $ 3,735,000 | |
Actual plan asset allocations | 2.00% | 4.50% | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 1,322,000 | $ 1,450,000 | $ 1,520,000 |
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans Expected
Employee Benefit Plans Expected benefits (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Pension Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2021 | $ 4,399 |
2022 | 4,452 |
2023 | 4,565 |
2024 | 4,652 |
2025 | 4,724 |
Thereafter | 24,461 |
Defined Benefit Plan Expected Future Benefit Payments | 47,253 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2021 | 161 |
2022 | 149 |
2023 | 138 |
2024 | 126 |
2025 | 115 |
Thereafter | 426 |
Defined Benefit Plan Expected Future Benefit Payments | $ 1,115 |
Leases - Costs and Supplemental
Leases - Costs and Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 18,481 | $ 18,852 |
Variable lease expense | 2,830 | 2,924 |
Sublease income | (749) | (791) |
Total lease expense | 20,562 | 20,985 |
ROU assets | 84,227 | 102,779 |
Lease liabilities | $ 96,812 | $ 109,608 |
Weighted average remaining lease term | 7 years 6 months | 8 years 1 month 6 days |
Weighted average discount rate | 2.96% | 3.05% |
Cash paid for amounts included in the measurement of lease liabilities | $ 18,973 | $ 18,563 |
ROU assets obtained in exchange for lease obligations | $ 2,931 | $ 117,496 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Leases - Lease Payment Obligati
Leases - Lease Payment Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 18,973 | |
2022 | 18,131 | |
2023 | 16,999 | |
2024 | 14,852 | |
2025 | 13,157 | |
Thereafter | 44,627 | |
Total lease payments | 126,739 | |
Less: imputed interest | (29,927) | |
Present value of lease liabilities | $ 96,812 | $ 109,608 |
Outstanding Commitments to Exte
Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commercial and industrial | ||
Valuation allowances and reserves, balance | $ 5,245,041 | $ 3,997,401 |
Commerical mortgage and construction | ||
Valuation allowances and reserves, balance | 1,787,963 | 1,168,624 |
Real estate - home equity | ||
Valuation allowances and reserves, balance | 1,618,051 | 1,523,494 |
Total commitments to extend credit | ||
Valuation allowances and reserves, balance | 8,651,055 | 6,689,519 |
Standby letters of credit | ||
Valuation allowances and reserves, balance | 298,750 | 303,020 |
Commercial letters of credit | ||
Valuation allowances and reserves, balance | 56,229 | 50,432 |
Letter of Credit [Member] | ||
Valuation allowances and reserves, balance | $ 354,979 | $ 353,452 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - Residential Mortgage - USD ($) $ in Millions | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | $ 1.1 | $ 3.2 | |
Accounting Standards Update 2016-13 | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | $ (2.1) |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 3,062,143 | $ 2,497,537 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 83,886 | 37,828 |
Estimated Fair Value | 3,062,143 | |
Available-for-sale Securities, Fair Value Disclosure | 2,497,537 | |
Investments held in Rabbi Trust | 24,383 | 22,213 |
Derivative assets | 339,310 | 145,595 |
Assets, Fair Value Disclosure | 3,509,722 | 2,703,173 |
Liabilities Held-In-Trust, Fair Value Disclosure | 24,383 | 22,213 |
Derivative Liability | 167,785 | 76,646 |
Total liabilities | 192,168 | 98,859 |
State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 952,613 | |
Available-for-sale Securities, Fair Value Disclosure | 652,927 | |
State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 952,613 | |
Available-for-sale Securities, Fair Value Disclosure | 652,927 | |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 367,145 | |
Available-for-sale Securities, Fair Value Disclosure | 377,357 | |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 367,145 | |
Available-for-sale Securities, Fair Value Disclosure | 377,357 | |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 503,766 | |
Available-for-sale Securities, Fair Value Disclosure | 693,718 | |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 503,766 | |
Available-for-sale Securities, Fair Value Disclosure | 693,718 | |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 377,998 | |
Available-for-sale Securities, Fair Value Disclosure | 177,312 | |
Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 377,998 | |
Available-for-sale Securities, Fair Value Disclosure | 177,312 | |
Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 762,415 | |
Available-for-sale Securities, Fair Value Disclosure | 494,297 | |
Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 762,415 | |
Available-for-sale Securities, Fair Value Disclosure | 494,297 | |
Auction rate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 98,206 | |
Available-for-sale Securities, Fair Value Disclosure | 101,926 | |
Auction rate securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 98,206 | |
Available-for-sale Securities, Fair Value Disclosure | 101,926 | |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 11,200 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Investments held in Rabbi Trust | 24,383 | 22,213 |
Derivative assets | 323 | 230 |
Assets, Fair Value Disclosure | 24,706 | 22,443 |
Liabilities Held-In-Trust, Fair Value Disclosure | 24,383 | 22,213 |
Derivative Liability | 280 | 199 |
Total liabilities | 24,663 | 22,412 |
Level 1 | State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 1 | Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 1 | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 1 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 1 | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 1 | Auction rate securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 83,886 | 37,828 |
Estimated Fair Value | 2,963,937 | |
Available-for-sale Securities, Fair Value Disclosure | 2,393,211 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 338,987 | 145,365 |
Assets, Fair Value Disclosure | 3,386,810 | 2,576,404 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 167,505 | 76,447 |
Total liabilities | 167,505 | 76,447 |
Level 2 | Other Corporate Debt | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 4,400 | 3,900 |
Level 2 | Financial Institutions Subordinated Debt | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 362,800 | 362,300 |
Level 2 | State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 952,613 | |
Available-for-sale Securities, Fair Value Disclosure | 652,927 | |
Level 2 | Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 367,145 | |
Available-for-sale Securities, Fair Value Disclosure | 374,957 | |
Level 2 | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 503,766 | |
Available-for-sale Securities, Fair Value Disclosure | 693,718 | |
Level 2 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 377,998 | |
Available-for-sale Securities, Fair Value Disclosure | 177,312 | |
Level 2 | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 762,415 | |
Available-for-sale Securities, Fair Value Disclosure | 494,297 | |
Level 2 | Auction rate securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 2 | Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 8,800 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Estimated Fair Value | 98,206 | |
Available-for-sale Securities, Fair Value Disclosure | 104,326 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure | 98,206 | 104,326 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 3 | Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 2,400 | |
Level 3 | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 3 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 3 | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Level 3 | Auction rate securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 98,206 | |
Available-for-sale Securities, Fair Value Disclosure | 101,926 | |
Level 3 | Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 0 | $ 2,400 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Measurements, Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 0 | $ 875 |
Sales | 0 | (770) |
Unrealized adjustment to fair value | 0 | (105) |
Discount accretion | 0 | 0 |
Balance, end of period | 0 | 0 |
Single-issuer trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 2,400 | 2,400 |
Sales | (2,160) | 0 |
Unrealized adjustment to fair value | (242) | (4) |
Discount accretion | 2 | 4 |
Balance, end of period | 0 | 2,400 |
Auction rate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 101,926 | 102,994 |
Sales | 0 | 0 |
Unrealized adjustment to fair value | (3,720) | (1,068) |
Discount accretion | 0 | 0 |
Balance, end of period | $ 98,206 | $ 101,926 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other real estate owned (OREO) | $ 4,178 | $ 6,831 |
Fair Value, Nonrecurring [Member] | Level 3 | ||
Loans, net | 116,584 | 144,807 |
Other real estate owned (OREO) | 4,178 | 6,831 |
Net MSRs at end of year | 28,245 | 45,193 |
Total assets | $ 149,007 | $ 196,831 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 3,062,143 | $ 2,497,537 |
Other real estate owned (OREO) | $ 4,178 | 6,831 |
Assumed market return to liquidity | 5 years | |
Common Class B [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment Owned, Balance, Shares | 133 | |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assumptions used to estimate fair value, prepayment speed | 19.50% | |
Assumptions used to estimate fair value, discount rate | 9.50% | |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 3,062,143 | |
Derivative assets | 339,310 | 145,595 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | |
Derivative assets | 323 | 230 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 2,963,937 | |
Derivative assets | 338,987 | 145,365 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 98,206 | |
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities | 280 | 199 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 323 | 230 |
Fair Value, Measurements, Recurring | Forward Commitments | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 8,000 | 1,200 |
Total liabilities | 2,300 | 424 |
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities | 165,200 | 76,000 |
Other financial assets | 331,000 | 144,200 |
Corporate debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 367,145 | |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 367,145 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 367,145 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | |
Financial Institutions Subordinated Debt | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 362,800 | 362,300 |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 11,200 |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 8,800 |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 2,400 |
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 4,400 | $ 3,900 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 3,062,143 | $ 2,497,537 |
HTM securities | 296,857 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,847,832 | 517,791 |
FRB and FHLB stock | 92,129 | 97,422 |
Loans held for sale | 83,886 | 37,828 |
AFS, at estimated fair value | 278,281 | 369,841 |
HTM securities | 3,062,143 | 2,497,537 |
Net Loans | 18,623,253 | 16,673,904 |
Accrued interest receivable | 72,942 | 60,898 |
Other financial assets | 650,425 | 431,565 |
Demand and savings deposits | 18,279,358 | 14,327,453 |
Brokered deposits | 335,185 | 264,531 |
Time deposits | 2,224,664 | 2,801,930 |
Short-term borrowings | 10,365 | 8,834 |
Accrued interest payable | 630,066 | 883,241 |
Other financial liabilities | 338,747 | 221,542 |
FHLB advances and long-term debt | 1,296,263 | 881,769 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 92,129 | 97,422 |
Loans held for sale | 83,886 | 37,828 |
AFS, at estimated fair value | 296,857 | 383,705 |
HTM securities | 2,963,937 | 2,393,211 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 338,987 | 145,365 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 41,206 | 40,549 |
Time deposits | 2,246,457 | 2,828,988 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 167,505 | 76,447 |
FHLB advances and long-term debt | 1,332,041 | 878,385 |
Level 1 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
HTM securities | 98,206 | 104,326 |
Net Loans | 18,354,532 | 16,485,122 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 32,423 | 52,024 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 14,373 | 2,587 |
FHLB advances and long-term debt | 0 | 0 |
Level 2 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,847,832 | 517,791 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
HTM securities | 0 | 0 |
Net Loans | 0 | 0 |
Accrued interest receivable | 72,942 | 60,898 |
Other financial assets | 279,015 | 234,176 |
Demand and savings deposits | 18,279,358 | 14,327,453 |
Brokered deposits | 295,185 | 224,531 |
Time deposits | 0 | 0 |
Short-term borrowings | 10,365 | 8,834 |
Accrued interest payable | 630,066 | 883,241 |
Other financial liabilities | 156,869 | 142,508 |
FHLB advances and long-term debt | 0 | 0 |
Level 3 | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,847,832 | 517,791 |
FRB and FHLB stock | 92,129 | 97,422 |
Loans held for sale | 83,886 | 37,828 |
AFS, at estimated fair value | 296,857 | 383,705 |
HTM securities | 3,062,143 | 2,497,537 |
Net Loans | 18,354,532 | 16,485,122 |
Accrued interest receivable | 72,942 | 60,898 |
Other financial assets | 650,425 | 431,565 |
Demand and savings deposits | 18,279,358 | 14,327,453 |
Brokered deposits | 336,391 | 265,080 |
Time deposits | 2,246,457 | 2,828,988 |
Short-term borrowings | 10,365 | 8,834 |
Accrued interest payable | 630,066 | 883,241 |
Other financial liabilities | 338,747 | 221,542 |
FHLB advances and long-term debt | $ 1,332,041 | $ 878,385 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Scenario Shock, Plus 30% | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, prepayment speed | (22.00%) |
Scenario Shock, Minus 30% | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, prepayment speed | 20.00% |
Scenario Shock, Minus 200 Basis Points | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, discount rate | (5.00%) |
Scenario Shock, Plus 200 Basis Points | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, discount rate | 7.00% |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Other assets | $ 1,078,128 | $ 855,470 | ||
Investments in: | ||||
Total Assets | 25,906,733 | 21,886,040 | ||
Other liabilities | 514,004 | 376,107 | ||
Total Liabilities | 23,289,905 | 19,543,864 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,616,828 | 2,342,176 | $ 2,247,573 | $ 2,229,857 |
Total Liabilities and Shareholders’ Equity | 25,906,733 | 21,886,040 | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 10,063 | 10,841 | $ 30,941 | $ 22,857 |
Other assets | 28,940 | 1,087 | ||
Receivable from subsidiaries | 53,438 | 78,025 | ||
Investments in: | ||||
Bank subsidiary | 3,045,529 | 2,555,448 | ||
Non-bank subsidiaries | 313,003 | 419,145 | ||
Total Assets | 3,450,973 | 3,064,546 | ||
Long-term borrowings | 759,782 | 387,756 | ||
Payable to non-bank subsidiaries | 0 | 276,768 | ||
Other liabilities | 74,363 | 57,846 | ||
Total Liabilities | 834,145 | 722,370 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,616,828 | 2,342,176 | ||
Total Liabilities and Shareholders’ Equity | $ 3,450,973 | $ 3,064,546 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only Income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total Non-Interest Income | $ 229,388 | $ 216,160 | $ 195,525 |
Income Before Income Taxes | 202,235 | 263,988 | 232,970 |
Income tax benefit | 24,194 | 37,649 | 24,577 |
Net Income | 178,040 | 226,339 | 208,393 |
Preferred stock dividends | (2,135) | 0 | 0 |
Net Income Available to Common Shareholders | 175,905 | 226,339 | 208,393 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 161,000 | 209,000 | 150,000 |
Other (1) | 100 | 191,978 | 188,165 |
Total Non-Interest Income | 161,100 | 400,978 | 338,165 |
Expenses | 48,634 | 218,837 | 210,333 |
Income Before Income Taxes | 112,466 | 182,141 | 127,832 |
Income tax benefit | (9,679) | (5,798) | (7,100) |
Income before equity in undistributed income of subsidiaries | 122,145 | 187,939 | 134,932 |
Net Income | 178,040 | 226,339 | 208,393 |
Parent | Bank subsidiary | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | 162,037 | 44,926 | 74,631 |
Parent | Non-bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | $ (106,142) | $ (6,526) | $ (1,170) |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 178,040 | $ 226,339 | $ 208,393 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of issuance costs and discounts on long-term borrowings | 1,128 | 842 | 813 |
Stock-based compensation | 7,529 | 7,413 | 7,965 |
(Decrease) increase in other liabilities and payable to non-bank subsidiaries | (110,781) | (195,903) | (31,153) |
Total adjustments | (23,552) | (98,626) | 88,427 |
Net cash provided by operating activities | 154,488 | 127,713 | 296,820 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | (2,499,480) | (893,346) | (740,717) |
Cash Flows From Financing Activities: | |||
Repayments of long-term borrowings | (82,533) | (596,056) | (100,165) |
Proceeds from long-term borrowings | 495,898 | 485,000 | 50,000 |
Net proceeds from issuance of preferred stock | 192,878 | 0 | 0 |
Net proceeds from issuance of common stock | 7,375 | 6,362 | 6,735 |
Dividends paid | (90,957) | (92,330) | (89,654) |
Acquisition of treasury stock | (39,748) | (111,457) | (95,308) |
Net cash provided by financing activities | 3,675,033 | 837,737 | 487,488 |
Parent | |||
Cash Flows From Operating Activities: | |||
Net Income | 178,040 | 226,339 | 208,393 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of issuance costs and discounts on long-term borrowings | 1,128 | 842 | 813 |
Stock-based compensation | 7,529 | 7,413 | 7,967 |
(Increase) decrease in other assets | (307,976) | (20,449) | 6,327 |
Equity in undistributed net income of subsidiaries | (55,895) | (38,400) | (73,460) |
(Decrease) increase in other liabilities and payable to non-bank subsidiaries | (244,598) | 1,580 | 36,273 |
Total adjustments | (599,812) | (49,014) | (22,080) |
Net cash provided by operating activities | (421,772) | 177,325 | 186,313 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | 0 | 0 | 0 |
Cash Flows From Financing Activities: | |||
Repayments of long-term borrowings | (19,453) | 0 | 0 |
Proceeds from long-term borrowings | 370,898 | 0 | 0 |
Net proceeds from issuance of preferred stock | 192,878 | 0 | 0 |
Net proceeds from issuance of common stock | 7,375 | 6,362 | 6,733 |
Dividends paid | (90,956) | (92,330) | (89,654) |
Acquisition of treasury stock | (39,748) | (111,457) | (95,308) |
Net cash provided by financing activities | 420,994 | (197,425) | (178,229) |
Net (Decrease) Increase in Cash and Cash Equivalents | (778) | (20,100) | 8,084 |
Cash and Cash Equivalents at Beginning of Year | 10,841 | 30,941 | 22,857 |
Cash and Cash Equivalents at End of Year | $ 10,063 | $ 10,841 | $ 30,941 |
Uncategorized Items - fult-2020
Label | Element | Value |
Off-Balance Sheet [Member] | ||
Financing Receivable, Allowance for Credit Loss | us-gaap_FinancingReceivableAllowanceForCreditLosses | $ 12,600,000 |